First Deal ?

I’m in a bit of a quandry here and need some advice/help. If we do this it will be our first REI deal. Here it is. Partner met a co-worker who wants to L.O. a home for his growing family. The guy found an abandonded property that has been forclosed and is now a R.E.O. with CITI. Property has been on citi’s books for over a year and they want to get rid of it. Property is listed at 125k and good candidate for short sale (I would think). My potential tennant says he can come up with the option money and make payments of 1100 per month. My question to all would be, does this sound like a deal to you !

P.S. Just took a look at zillo comps and zestimate for home. ( I know zillow may not be the best but it’s all I have for now) Estimated value is 165.9k

Once a property is REO - you can’t short sale it. You just put in an offer and purchase it from the bank. That doesn’t mean you can’t put in a lowball offer, however!

For numbers, you left out some info - what are the repairs needed?
I would also speak with a local realtor who can give you accurate comps.

Yep…what LoriK said