have a signed contract for a 10,000SF retail building located in a prime location in PA. At $50 a SF to build which is very conservative the building is worth $500,000. Add the land we are looking at $700,000.
My contract to purchase is $130,000. This is a REO Bank property. There is a house on the property that I will sell at $70,000. [/b]Actual cost to acquire this property is $60,000![b]
I am thinking a LLP with silent partners. They can get a tax credit and possibly interest.
The income potential depending on use is $80,000+ a year.
Please respond ASAP.
Thanks.
Clyde