thanks michael and lynn for your reply,
@michaelc the 324.000 is the asking price of the seller, It is too high for a property that is not finished. I am planning to offer him a 275.000.
excellent advise concerning the rent of 2500. This is the local rent in the area but for the higher segment. the lowest price in the area is 1750 a/month
The 10.000 renovation costs is a rough estimate. If the seller agrees with a ooption lease, I will have a look with some contractors to estimate the exact price. I am proposing a consideration fee of 2% of the current value. in my opinion, if the repairs are more then the 2%, the selling price will have to go down too.
@lynn I am planning to rent the house to tourists visiting our island. Tourism is growing in the recent years. the 4000 will be my income from this. the 2500 (or less see above) will be my monthly lease to the owner.
@michaelc which documents will I need for this rehab - Sandwich lease option?
@michaelc what is your opinion about me renovating the property instead of paying the consideration fee? Do you think this bring certain risks?
Thank you guys for the quick reply.
Greetings
Chaniel