What I would like is to, over a two year period, partition the property, putting the all house on its own water meter, do some improvements, particularly kitchen and bathroom, and then put the two house property on the market. I would want the rental income on the three properties to be enough to cover the mortgage, taxes, insurance, and maintenance. As well, with the improvements I would like the two house property sale to be enough to cover the remainder of the mortgage for all three, leaving me with the small house free and clear.
I am familiar with the property. My boyfriend lives in the small house. He is worried about losing his home and my buying the property would make things a whole lot easier on him.
I would need a realtor for renting and selling when the time comes.
Can you give me some details about the property's history. Are all three houses currently rented? what is the rental amount on each? how long have these tenants been there? Are you aware of major problems that need repair?