I am looking at a foreclosed apartment property, according to realtor, 25% occupancy and needs some cosmetic work. It is 24, 2 bedroom units in 6 buildings. I own the property across the street and the buildings are the same so I know the layout. I would say, it needs roof work, landscaping, probably cheap kitchens/bathrooms, paint and carpet. But I do not know the extent until I get it under contract and get over there with my manager and inspector.
I am out of state but I have an excellent management company who recommended a HUD Loan. Anyone know the requirements of that? And would it cover what needs to be done? I not familiar with those types of loans.