So much the better. It will remain the money machine it is now for them should you construct a deal where they continue to receive payments over a long period of time. Without them having to pay the prop taxes nor do the mtce which, it sounds like they have an unpleasant appointment with in the future. See if you can develop a non-aggressive dialog with the heirs. You’re not necessarily looking to steal the place. But you can avoid conventional financing origination fees and they can avoid a fat RE commish if the fundamental interest is there. If they have cashed out of other properties, they already know there is a challenge to achieve yield on the proceeds.
True. Their kids live out of state but I’m sure I’ll have the opportunity to talk with one of them at some point. My wife and I know that the house is out of code and it would be an inspector’s nightmare. To be honest, the property it sits on is worth more than the house. It is a double lot on the corner of a busy street. One can even demolish it and put in three new houses; but I’m sure it’s crossed the minds of the kids. But I’ll just have to wait and see.