Looking for Creative Ideas and Fix/Flippers

[Stephanie Edery]

Hey BP Community!

I am currently partnered in a deal in Matteson, IL (3/1 SFR) and am looking for advice on how to proceed in this deal. Would also love feedback from locals in IL who have connections of rehabbers or investors who may be interested in this deal -

I have a note on the house for $66,000 + 10% return to the private investor = $72,000. 

The contracting partner, who currently has title of property, that I went in to the deal with never completed the rehab and now just wants to walk away and transfer title to me.

The roof is new but house is gutted and needs fixtures, drywall etc.

All I want is to get the investor paid off as quickly as possible and the options as I see them are as follows:

1. Get title in my name and sell house as-is for the $72,000 (if this is even doable with rehab work left to do? - ARV comps in area are $90k-100k)

2. I walk away and have investor foreclose on partner (though this is a long process in IL and will cost more $$ upfront to investor)

3. Find new contracting partner to complete deal with and seller finance a portion of it

I am open to any other creative ideas and anyone who may know of good contractors or flippers to contact in that area!!

Thank you for your help,

Stephanie