Posted by DanM(OR) on January 21, 1999 at 20:00:54:
There are a few things that come to mind here:
How sure are you about the $7k?
Will it rent for $500 in it’s present condition?
If not, it doesn’t seem like that much of a deal.
I would read Bill Bronchick’s Lease option a junker article on this site. I would also reccomend that you buy an LO course before you get into them. That’s just my opinion.
Best of luck to you!