Posted by John Corey on June 14, 2007 at 15:25:36:
Hard to say what will be best given the limited details.
For the most part you need to see what you qualify for. Better to get a
deal done then to mess about and loss all the deals.
If the properties need work and have other issues then consider a lease
option deal or land contract where you gain control and can use the
cash for repairs.
In all situations you need to be careful about your ability to refinance.
If you buy, repair and then can not refinance you are in worse shape
than you are now. Hence you need to make sure the take out loan is in
place or that you can sell for a cash profit.
You might have some good deals here. Consider also the idea of a
partner. Either the present seller or a real investor who has what you
do not have (credit, more cash).