So here’s the deal. I met a new friend through my job. He came in for help with his computer and we somehow ended talking about real estate, so of course I told him my plans. Then he told me about his problem. He has a property in probate and he wants me to help him rent it out. He’s been working with a lawyer for a few years to get it out of probate even though it was left to him in the last owners will. He says he’s been getting the impression that the lawyer either doesn’t know what he’s doing or is wasting time to charge more money. There is also a lien of about 8,000 on the property, and he is also not interested in selling. He says if I can help him rent it he would split the rent profit with me. The property is located about 5 blocks from a college campus. Sounds like easy renting to me. My question is; what can I do to help? What can I do to insure I get paid? Are we even able to rent the house before we get it out of probate? And is this a situation where I should just walk away?
Any comments or suggestions would be greatly appreciated.