Run your business as a business or risk it.  

., Purchase Price: $475,000 ($197.9/sq. ft.).Estimated Market Value: $402,000 ($168/sq. ft.).Financing Terms: 2% interest rate, with a 9-year balloon.Unit B Income: $2,049/month (Section 8 tenant through November 2025).Unit A Income Potential: Similar rent or higher; Section 8 cap for the area is $3,234/month.Monthly Loan Payment (P+I): $1,386.Cash Flow Breakdown (if both units are rented at $2,049/month):Gross Rent: $4,098/month.Vacancy (10%): $410/month.Operating Expenses (37.3%): $1,376/month.Net Cash Flow: $943/month.Key QuestionsWould you be comfortable paying an 18% premium for financing at 2%, especially in a market where current mortgage rates are closer to 7%?

All you can do then is just assume it is abandoned, take the risk, and take DIY possession like your Dad did. 

That said, weigh the cost of renovations against the potential increase in appraisal.

It comes down to your own risk tolerance.

The sale failed and he still owns it.One of the potential solutions is to use an SBA 504 loan for the real estate. 

There are so many potential problems.

I think you have to find what your strengths are and what your risk tolerance is in different areas of RE and look at your entire financial picture.  

I’d look into the cost of a 500 sq. ft. garage and compare it to the potential boost in sale price.

This collaborative approach not only enriches your understanding but also opens doors to potential partnerships and investment opportunities.