Need advice on unfinished rehab sold by owner/contractor

[Kari D.]

Looking at a duplex deal. One level is fully remodeled and rented. Other level is only partially remodeled & unfinished But has supplies being sold with house to complete remodel project. The exterior of the home still needs Low maintenance landscaping installed as well as partial fencing. Sounds like the contractor/owner stopped midway through because he ran out of money.

We are looking to make an offer on the deal, with the contingency that the owner/contractor will complete all work necessary to make second unit rentable and have exterior landscaping completed.

Has anyone dealt with a situation like this before? How can I make a solid contract/offer that covers me in the case that the contractor/owner falls through on his promise to finish project before funds are released? Any other suggestions?

Thanks in advance! 

[Brian K.]

Write the offer based on current condition of the property. I wouldn't trust them to finish it or that the work would be done correctly to your satisfactory. Find your own contractor to finish the project figuring the cost plus cushion in ahead of time before making offer.