Two giant humps have grown up in the floors from the water damage.Some parts of the subfloor are at 55%+ water saturation.

Buying it as an existing 4bd/4bth is doable. 

You have to run the numbers, watch out for saturation and unfavorable rules.

We typically buy existing debt but still good to know. 

There are less lenders that do this but they exist.

The seller will have reduced debt capacity because the existing note is still calculated as a debt - they MAY be able to include an offset equal to the buyer payments after a period of time, BUT often the seller is surprised to find they can not qualify to purchase another property3.

Only those that legally existed prior to new Codes can be maintained, replaced, etc.

Once approved they will put the foreclosure on hold for a bit - 4 months minimum to be exact which will give you plenty of time to find a buyer (the existing one, or a new one), and get the sale closed.

The property’s existing long-term tenants provided immediate cash flow, while the potential to build out the lower level for my restaurant, Arbol Eatery, and additional amenities like a wellness center and event space aligned with my vision for creating value.

The property’s existing long-term tenants provided immediate cash flow, while the potential to build out the lower level for my restaurant, Arbol Eatery, and additional amenities like a wellness center and event space aligned with my vision for creating value.