Good first investment?

[Aaron Aguilar]

Complete newbie checking in.  I registered for bigger pockets months ago after about 3 months into my real estate education.  Super excited but everything piece of advice I saw told me, all my resources are here at my fingertips.

Well I've been studying.  I think I've found a property I want to make a move on.  It's a unique situation and so I'm coming to the experts for advice.

The home is 3bd-2bath-1437sq ft.  Home was built in 1974 and appraised for around $108,000.

There is some work to be done in the master bath. (Tile, new shower + subfloor)

She is offering it at $90,000.

Okay now here's the fun.  I know this house and lived there for 3 years.  It's in great shape with a brand new HVAC unit put in last year + the roof was just completely redone at the same time. 

What I haven't mentioned is the home has a garage that was converted into a bonus room as well as an additional seperate roommate entrance bedroom was added to the back which is around 600sqft.

Neither the bonus room or the back bedroom were permitted.  They both have electrical + hvac and we're done about 20years ago by the friends grandmothers friend who. I one knows if they were contractor or what.

If everything can be permitted it would become a 2300sq ft 4bd/2bth.

Now, I am a man that is use to stress and responsibility working management in corporate retail for years.  My savings are nothing though so financing is an issue.

I believe I can work something with the owner but would love options.  Ideas? Advice?

Is this a deal that sounds good and what questions should I ask myself I haven't?

Creative financing what are my options? (650 score). No realtors are involved and homeowner would be willing to work out some deal.  Want all parties happy.

Owner currently has an amazing 10yr loan at low interest.  If I could assume that loan for 12-24mths then refinance and pay off the home.  

Just my first home purchase and a. It of the nerves.

Any help or advice would be appreciated as I begin this journey.

p.s. Knowing my plans for this would help. Building a business model based on the BRRR strategy. Hoping to get everything permitted already have renters and will take gains for a downpayment on more doors.