Not only will the bank give you a hard time about the knob and tube but you will also have a tough time with Insurance companies. a new 200 amp service will probably run you about $2- 2400, rewiring the house, sheetrock, spackle and paint will probably run you another $4-5000, depending on how much has to be opened up and fixed.

Do as much research as possible on the property and find out the title situation from the seller...if multiple signatures are needed, make sure they know that you need to move quickly since others will be involved.

You'd be incredibly lucky to find a place that generates close to $6K/month in rent for that price -- I'd be happy with $4K/month on a $500K property and that would cash flow (after taxes, insurance, maintenance, water, etc) at best $2500/month.

I suppose there "could" be an investigation into the fire damage and any potential insurance claims.  

The financing to be assumed is a HUD-insured 223(f), 35-year fully amortizing loan.

SHARE BUTTONI am looking for a REI attorney that specializes in wholesaling deals and that has access to a title closing company.

We took the deed as a joint tenancy with both of us on title.  

Who is the insurer for the HOA?  

Shouldn't the insurance company pay for this?

The title will be transferred to me and the current loan and insurance will stay in his name.