Questions About Quitclaim, Financing And Taxes
I have the opportunity to pick up a property that is in disrepair. I'd estimate that the property will appraise for roughly $100K (as is). Furthermore, my estimate is that it will take about $50K to rennovate the house/property. And, when completed, the market value of the home would be about $175K.
The current owner has a 1st and 2nd on the house totalling $30K. She has expressed interest in quitclaiming the house to me in return for gaurenteeing her the right to rent the house back from me as long as she lives (or is able to pay rent).
With that background, here are my questions:
1 - What is the process of getting a quitclaim deed? Aside from owners title insurance, are there other things that I should be aware of?
2 - How do I get a new mortgage? I would like to take out one mortgage to combine the current 1st and 2nd and pull out the $50K needed to rennovate.
3 - Are there any tax implications -- to either party -- that I need to consider?
Thank you all for your consideration and feedback.
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