Excited to see where this journey takes you!

@Brandon Brown I have done this many times on buildings where it is required by code in Berwyn and surrounding suburbs.

Im not sure if I do enough to call it active but it's my only gig right now since I retired .No involvement , I go check on the property in Colorado on occasion to check it out the condition.from my decades of doing this you pay income tax to the state you live in..

I would lease it to cover cost for 2/3 years and then I would sell once I could get $475,000+  Would be a nice ROI and is actually doable.Love this idea!

There’s a huge difference between winging it and setting up a system that consistently brings in genuinely motivated sellers.Get a website, focus on the 3 pillars of conversion (look it up), and crush it.

If you do take on new debt or collections during this time, the lender will see and it will require that it be accounted for in your DTI (unless this is a DSCR loan). 

At $600k, you'd be at a 8.36% CAP RATE this wouldn't be taking into account any other income from the property.. 

However, part or all of the money to buy this property will be coming from someone else's account.

I would ask the daughter this and see if there is someone else that she has been in touch with to get ahold of the month.

If it's formed right, typically all that's required is a certificate of trust and a few more documents to show the chain of ownership and grantee/grantor.Will this be a rental?