Posted by Chris Reuman on October 04, 2002 at 13:58:39:
As one gentleman said earlier, first of all, lock it up with a purchase and sale contract or option to buy. Then you can at least sell the contract to someone else that has money. You may want to start at your local Landlord’s Association Chapter. I’m sure there are people that would be interested in the contract. As for the renovation, renovate one unit at a time and try to get a person in the unit at a lower rent while you are still finishing the renovation ie. Move in this week, pay $400 instead of $500 and I have the carpet in next week and you paint the walls. Also, you can renovate in stages: paint the floors, rent $400, in six months carpet, rent goes to $450. The key is to get that cashflow going as quickly as possible.
Good luck, Chris