Buying a big, dilapidated park and flipping it


#1

I found a 300 unit park in a downtrodden town with high unemployment and high crime. There are some nice parks not too far away, but also some bad ones. This a rare area with a glut of parks.

I can buy this thing for the back taxes and back water bill ~300k and an additional 100k to the seller with 25k down. Doesn’t it make sense to buy and then re-sell and make a quick 50k? There are a lot of buyers out there looking for any deal.


#2

I would wholesale it without taking title so you don’t get stuck with it. If you take title and you don’t do ALL of your diligence then you will never know if you can flip it or not. Occam’s razor.


#3

Bad idea–you could get stuck with this money pit and have regulators looking to give you citations