I understand that mixed used properties are allowed as long as 50% is residential…but what about a commercial property that’s also in a residential zone. Would it be allowable if funds are available for a conversion?
There’s a foreclosed restaurant in a commercial/residential zone for less than 100k in a 1 million dollar home block, that has my imagination running wild.
So the neighborhood might be mixed zoned but is the property? I imagine you would have to check with the county and possibly have it rezoned to fully residential or mixed use before you renovate.
The other thing to question is at what point in the foreclosure process is the property? The process can take over a year depending on the court dockets and how motivated the bank is to sell it. My last house was foreclosed on in the summer of 2014 but I was not kicked out until the end of winter 2015 and the foreclosure sale/transfer of title (removed me from the deed) did not occur until 2016.
Often if the foreclosure proceedings are in process you may not be allowed to buy the property.
I’ve looked at and purchased foreclosure properties myself. It’s a great way to get a good deal sometimes. There’s just a lot of red tape. But how cool would that be to own a restaurant house?