Just curious of my wholesale deal?

[Linda Govan]

Hello  BP members, 

I have a property that came my way via my yellow letter campaign I ran 2 months ago.  Its a total gut rehab project. There is no mortgage and the owner doesn't want a dime. Problem is I just found out that he has a $9k water bill attached to the property.  The taxes are in the rears by 3 years at $ 4300. The comps are barely there but from what I have found is at best $110k. Rehab cost my contractor is at the high end of $35k. I added an extra 10% just to be safe.  Could I hold the current owner liable for the back taxes or just inform any potential buyer? I am looking to market to landlords. I am in Chicago and rents are climbing.  This could be a buy and hold. Its a 3br/2ba with a 2 car garage.  I go Saturday to sign the contract.  The owner just wants it out of his name. Any help is greatly appreciated.