Hi all! Title says most of it, my realtor has a relative with a duplex with burn damage in Oregon in the area I'm looking to buy my first househack. Burn damage in the attic was from a past tenant and their BBQ grease fire, there are also back taxes. From my employer, I have legal insurance through ARAG that covers 100% of attorney fees when buying a primary residence, filing fees are extra.
-Should I use my attorney for closing or still get a closing company?
-Should I use my attorney for a title search or still get a title company to do that?
-Since it's an Owner-carry, do I still need to set up escrow for prepaids/homeowners ins/property taxes?
-Can I even do a cash out refinance with an FHA loan? The title would be in my name only on closing, so I would 'own' the property, making it a refinance, not a purchase.
-Are closing agents and escrow agents the same, if not, can they be?
-Should I get an inspector that is very familiar with FHA loans to help me decide what needs to be done in the rehab/remodel process so it will finance FHA?
-Should I find an appraiser that is also familiar with FHA loans or just a good appraiser is fine? To make extra sure it appraises high enough for the refinance, this would be after I talk to an inspector and get a few GCs to bid the job, might also get a structural engineer to come up with a repair plan for the GCs to look at when getting me bids.
-Is a cash out refinance with an FHA loan from an owner-carry even possible? Are there things I should research about that? I've done some but I didn't find info on this scenario.
-The property does have back property taxes, so I will need to contact the county assessor to find out information on paying those at/after closing, but I want to use that in negotiations for price/terms, as the taxes are now almost 3 years delinquent and tax foreclosure is coming this November if not paid (in full or in payments, tax assessor will know for sure).
For context, its a 2 bed 2 full bath (1/1 each side) just under 1,800 sq ft. total, thinking rent for the larger side would be $1250ish and the smaller side $950ish, purchase price I'm unsure of but I would start at $120k due to burn damage and back taxes. Rehab costs I have no real idea, but may be $60k-$90k, again not sure until I get bids. After rehab would be ballpark $280k-300k, just going off recent sales in the area.
I really appreciate any answers/advice y'all can provide while I think about pursuing this or not.
