Vacant Property Among Other Issues

General Real Estate Investing
1

I found a vacant property with code violations where the owner just wants to get rid of it. The situation is pretty ugly:

(1) The owner is getting a divorce
(2) Squatters have moved into the property. They were forced out by the police, but they’ve returned.
(3) The owner owes $295K and the property is worth about $320K. He is not behind on payments.
(4) He owes $3800 to the city for code violations.

He said that he is willing to allow the payments to be taken over or lease-option the property. He would have to talk to is soon-to-be ex-wife, but he is also willing to chip in $50K to get the property off his hands.

How would you approach this situation?

Thanks

2

Once the X finds out about the $50k she’ll want half :stuck_out_tongue:

I think we need a little more info.

But based on what you wrote I wouldn’t even approach the property.

3

Too many hassles for such a small profit.

4

You are talking about $75k.
There is no money in this deal.