Lead Based Paint?
I am looking at my first property right now and it says it could contain lead based paint. My questions are how would I go about figuring out whether or not it has LBP and how much it cost to get rid of it? The FMV of the house is 106k and the asking price is 78k. It is a 4/2 and I don't know if I should rehab or flip to a more experienced investor. I want to make a bid of 76k and flip for 80k if at all possible. I still don't think I have the time to devote to a rehab project.
Any and all help is appreciated. 
What year was the property built?
The property is 32 years old.
Housing built prior to 1978 are subject to the lead base paint disclosure and pamphlet... [ Edited by DaveREI on Date 10/06/2003 ]
I am not very familiar with the LBP disclosure is this a big problem to fix or just strip and repaint. Or are you saying it may not even have LBP at all?
It may or may not have lead based paint. I've owned some 70+ year old property that someone else tested and showed no lead .
It is just a disclosure, so that the buyer is aware that there MAY be lead paint.
I certainly would NOT have it tested. If the test cam back positive, then you would have to disclose to everyone that it DID have lead based paint...and they might want you to correct it, which would be quite a project.
Thank You gentlemen I appreciate your wisdom on the matter.
Im not an expert on this but this is what I believe - you must disclose but there is no obligation to remediate. However - before you rent it to a family with small children - go see an atty. As you probably know - the problem has been that small hungry children sometimes pick up the scraps of lead paint - eat them - and suffer brain damage.
So when you say "quite a project" Is it more involved than stripping and painting? Do the walls have to be chemically treated? Is a gov't inspector required to come and test?
Thanks