Help with vacant, no mortgage property

[Greg Shelburne]

House was rented on section 8 until it failed inspection due to crack in foundation. Tenant had to move and house was vacant. People in the area took the gutters, water heater, broke windows, etc and the house has sat for 8 years. I can't get any loan, have a steady income, can't do the work myself. People have bought the back taxes, a few code violation liens, no mortgage. I know the taxes must be paid asap. My best idea so far is to pay a guy to rehab it a room at a time. He has experience rehabbing houses in west Louisville, and that would be affordable for me (I think), at my pace (within 6mos) and steady work for him on the side. I could then rent it for decent cashflow and future income. It appraised for $80,000 in 2003. Is this a good plan and good learning experience, or should I sell it to someone for $30,000 and move on?