Posted by Ed Copp (OH) on January 28, 2001 at 19:50:30:
You can control any property with a lease/option.
If you should or should not do this particular deal is an unknown, since you have not provided any information except the asking price. You will need to run the numbers, that is check income against expenses.
Then you will be able to figure out if this is a good deal or not.
The sellers comment that this is too time consuming indicates to me that he has to spend a lot of his time working on this property (or chasing the rent). Dig a little and find out what is really going on. Knock on the door and talk to the renters to see if they are happy or not with the current landlord. Check around the neighborhood and see if anything is going on that may be a problem later on. Take your time and look carefully.
I once answered an ad that said “ILLNESS FORCES SALE”.
Upon a good study I found out that the owner was just SICK, of the deadbeat tenants. So check it out carefully.