Free property or is it worth it! ?

[Cory Langford]

Hello Bp, I have an opportunity to gain a free property from a relative. It is a condo style townhouse in what I would call a -C community. The property is currently vacant and will need a full rehab. It's a two level unit; 3 bd 2.5 bath with similar units sales of $40k -50K. Rents are 700 to 750 for finished units. The community has a few empty units. The HOAs are high @ 250 per month , I want to see if there is anything I can do to negotiate to a lesser fee as well. I'm looking for my first deal. A free one would be a good start, but everything free isn't always good. please share your thoughts?

[Matthew H.]

Run the numbers as you would with a rental property that you would have to buy and see if the numbers work out.