Its on the water with a dock pool 3.5 acres 4000sq ft etc.

We are now managing a 4 unit investment property in Oak Park IL for a family member.After their unexpected passing we found that there was a reverse mortgage on it.Property fair market value is about $335K with foreclosing Lenders estimate of $495K.The lender started foreclosure process, but we want to keep the property either to keep it as an investment property ($41.7K rent -$10K taxes -water), or sell in the future when prices pick up.With the current market we cant get a fair shake on the price, and we had some funny low ball offers from people/investors wanting to take advantage of the situation.We are looking to either partner with someone knowledgeable and split up the units and future rent profits, or loan $285,000 cash in exchange for a 30% percent stake of the home's future appreciation.What would be a better sounding offer to you as an investor?

I know in our state of Oregon.. its a pretty big step to get water rights and they are worth a lot.We had water rights on the Yamhill river for our 700 acre tree farm..

BEAUVAIS Define "under water" in this case.Joe VilleneuveREcapSystemA2REIC

LolI am an agent and investor and I think the pros blow the cons out of the water.

I know water/sewer stay with the property, and therefore the owner, but not sure about natural gas.  

He told us that his water bill came too high since my contractor used water from his water connection! 

Most of the casino workers are service workers (waters/maids/dealers).

Public water preserved, sewer in to the site and electric 95% of incoming service is installed.  

(sorry I couldn't resist it)Welcome to BP!