Possibly My 1st Deal - Please Lend Your Expertise
Hello Everyone!
Thanks for taking the time to read my posting. My wife and I are considering purchasing a property. It seems pretty sticky but under the stickiness, there seems to be a good deal.
Here's the skinny:
*The building is in Chicago.
*It has 4 units with another 2 potential units in the basement and the asking price is approx 220k
*It needs some TLC but the value of the building will sky rocket afterwards
*The current owner is in preforeclosure. (approx 6mos behind on mortgage now) The landlord has fallen behind on the LandLord provided utilities such as heat (which is now disconnected), so the current tenants are not paying rent. Since the tenants aren't paying rent, the LandLord can't afford to get the heat re-connected
*One of the tenants has also filed a lawsuit against the current landlord for a "slip & fall" incident
I have a few questions in relation to this:
1. Is this situation to sticky? Should we even consider the property? Most of the issues with it are related to the current LandLord. Would these issues transfer with ownership of the property?
2. If we were to buy this property, how should the tenants be dealt with? Should we have the current landlord evict everyone and start with a "clean" slate?
Any other thoughts would really be appreciated. Please lend your expertise
Thank You! 
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