Tricky House Hack transaction in Miami

[Adrian Alvarez]

Hey guys,

I'm reaching out for some technical advice on how to best approach this deal.

A distant member of my family recently passed away. And she had a house here in Miami that was split into a two-bedroom one bathroom and a one bedroom one bathroom apartment in the main house. There is also an additional dwelling unit in a separate building that was added to the garage that is a one bedroom 1 bathroom.

The property was owned by a contractor who then became a city inspector, and we believe that all of the units are legal but we'll need to run our due diligence just to make sure. Unfortunately, the couple that had lived there for the past few years became very old and let the house fall into a bad condition. It will need a lot of work , such as a new roof on the main house and the additional unit in the back, updating the kitchens and bathrooms, and completely rebuilding the unit in the back as the roof caved in a few years ago during a hurricane.

Now that you have a little bit of background on the property. I am reaching out for some suggestions on what would be the best way to try to acquire a property like this knowing:

1. that it is going to be put on the market in a few months as is. But also
2. this is a family member that will give me first dibs on an offer once they get the appraisal back.

Would you suggest to do any of the following:

1. Offer to fix the property myself with funds that is have saved (around $80k) Then apply for a FHA loan to purchase it.
2. Applying for a 203K loan And then rehabbing it with that
3. Or any other creative way to acquire it

Also are there any recommendations for lenders that specialize in 203K loans nationally or in the South Florida market? because that is something that I am not very familiar or versed with.

IF more info is needed to make any quality suggestions please post and I will follow up

Thank you so much in advance for any help