Messy Wholesale

[Jesse Andrews]

Hey everybody-
A motivated seller contacted me a while ago regarding an inherited property in Providence, RI. Her mother lived there for years and has since passed. The first floor is vacant, 2nd and 3rd have tenants. The 2nd floor and 3rd floor tenants are non paying, and the elderly landlord has not filed any deliquency notices. The 2nd floor tenant has filed a complaint with the city saying the landlord "intimidated" her for rent money. The tenant is also claiming the unit had lead paint.

It gets better

The house has daily fines accruing for code violations: Retaining wall needs repair, and needs to be scraped and painted to make the fines go away. The homeowner is in housing court and has an attorney.

3 family houses in the area that needed total rehabs have recently sold for 50-55k (cash buyers) and this house is in slightly better condition. This house is going to need 30k repairs

I'm not sure how to proceed. I know I can get the house under contract for 10k under what the other cash sales were.

Am I grasping at straws, or is this not even a good deal? This doesn't typically fit a rehab and sell, more of a landlord type of acquisition.

What's the best situation? get it under contract, start the evictions, and then assign the contract or double close it? Or would it be best to just tie it up and let the end buyer fix it?

My concern is to start the evictions and not have an end buyer.

Thanks for your feedback!

Jesse