Please Advice - Possible deal on Condo with a Lien on it

[Julio Vasquez]

Hello, 

Im located in the Tampa bay area, and looking to wholesale or rent this unit, and need advice If advice on negotiating with the HOA's attorneys on lien.

The condo facts:

30-35k retail

1br 1.5bath

About 4k to rehab and sell retail, but its in ok condition to rent

HOA fees $368

Insurance about 300-400

It can be rented in the low 800

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The condo went into foreclosure back in 2010, then sold in auction in April of 2014, and immediately deeded to the current owner (who hasnt paid ANY HOA fees since she got the property).

The HOA put a lien on the unit back on Feb of this year for 35k in fees not paid from 2010 to today (attorney fees included), when they found out I was going to buy it.

An real estate attorney suggest that if I get the deed from the current owner for a very low price, then the lien can be negotiated for ONLY the portion that is due in fees for the current owner: $4500 (468x12months). The condo HOA cannot go for the full 35k since there was a final judgement on it, attorney says, and they can only go after the current owner and the previous onwer dues.

My question is, if I should risk it and pay the current owner about 3-5k for the deed and try to negotiate with the HOA for $4500 or less? or any other advice on this deal.

Thank you for reading!

Leo