Posted by GL(ON) on April 13, 2002 at 17:02:50:
Talk to your friend at work. Tell him you are interested in buying his house but you do not have the money to buy it and fix it up both. If he will sell on a land contract, you can buy it finish it off and get a new bigger mortgage, and pay him off in a year.
In the meantime you will pay the payments, insurance, look after the place and have it finished. What has he got to lose?
If you finish it off and can’t sell it you can always refinance it,and move into it or rent it out.