Hopeful first time investor in Buffalo, NY, looking for advice

[Ej Sorrento]

Hi all,

Bare with me, I'm new to this and really want to get started replacing our incomes. Forgive the essay. I've been looking to pursue real estate for many years now and finally am in a better position to make some moves. I've learned a lot from books and BP podcasts, but I've never pulled the trigger.

Just got married and took out a HELOC right before the wedding with the blessing of my new wife to pursue my first rental after we got back from the honeymoon.

I've got what could be a good opportunity to buy my father's first home that my uncle had been living in for years; my dad put my uncle on the mortgage so they both own the house. Long story short, my uncle moved in after my dad bought a bigger house and paid my dad for the mortgage, then my cousin lived there for the past two to three years and did a bunch of weird, incomplete renovation; this is important because the "work" my cousin did definitely decreased the value of the house. The house looks like a trap house inside, but that's okay, that's what the HELOC is for.

 My question pertains to how should I go about the following. My father has no problem with me buying this house and has no problem seller financing it to me at a family discount, but my uncle thinks it's worth $160-$200k, which is what the other houses on the block sold for and they are fully renovated and look beautiful. The house in question is so beat up I doubt it even scratches $100k, maybe $120k tops. The roadblock is my uncle because although my father has final say, uncle is still super stubborn, thinks this house is worth what Zillow tells him, and won't listen to any other perspective. He put a "For Sale By Owner" sign outside last Friday.

How would you go about this? Should I just go to my uncle and lay out my offer like my dad told me to do? Is there a better way to approach it? Should I skip it and go for other properties in the area that don't involve my uncle and already priced to sell? Any advice is appreciated and I'm willing to continue elaborating.

I'm excited to get this deal or some other deal moving; regardless of what happens here, I intend on buying my first property within the next two months or so.

Thank you for your help in advance.

EJ