Taxed Property
I was doing some preliminary searches of properties liened by the county and coming up for auction next year. I found a small home on a very large lot in a ver desirable part of town. I pulled the recorded documents on the sale and found that it had beem passed on from mother to son. I further checked if the son had any more property in the state and found that he did. The other home is in a very bad part of town and is also in arrears with taxes. The second home is not up for auction next year though.
Clearly the person is having financial difficulties. My option is to offer to clear the taxes on the home in the desirable area and if he can't keep it up, to sign it over to me. I would then clear up his current tax situation on the other home.
The first home can be flipped due to the nature of its location. It has about $100k in equity and much more if the lot is treated well and the home is taken care of.
Does anybody have any thoughts?
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