Is There A Way To Do A Two Family Flat?
I have a co-worker whose husband has a rental property. He got the property free and clear, he took out a 25k mortgage against the house, the house needs exterior painting to even get an appraisal so he took out a 2nd for 9k to get aluminum siding done but he never did. He had tenants in both houses but the one upstairs moved and the one downstairs quit paying for whatever reasons. So the notes are behind and he hasn't paid the city taxes on the property. The taxes are only 300.00. The 2nd is the one foreclosing. The house is in a very yucky neighborhood but they've never had problems finding tenents. Could I sub-to a two family flat? Wouldn't I just end up being a landlord?
Any opinions?
Thanks everyone,
quinn
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