Need help on 1st deal - quick resale in Los Angeles

[Antje Klatte]

Need help with transaction in Los Angeles. Offer trip to highest building in the world (Burj Khalifa in Dubai) in return for successful resale!

Transaction details:
PROPERTY
* SFH in Beverly Hills/Hollywood Hills area
* 4BR/3BA, ca. 2,700 sq.ft. (ca. 6,200 sq.ft. lot)
* Spanish style house build in the 1920's
* private pool
* in good condition, though basic, old-fashioned style => very good potential for turning it into a gem through refurbishment
* MLS listed

FINANCIALS
* offered at USD 1.075m, though likely to sell for USD 1m (maybe even lower as seller is highly motivated and doesn't want to do any refurbishment work)
* comps in the area (0.5mi radius):
= similar house (also 1920's, no pool) sold for USD 1.349m (LP USD 1.39m) end Feb'10
= 2 similar houses but build after 2005 sold for USD 1.9m (LP USD 2m) early and mid March '10

I want to make an offer on the house for max USD 1m and put it back on the market for USD 1.1 - 1.2m for a quick turnaround.

Since this is my first transaction, I'd be highly appreciative if someone experienced could lend me a hand and guide me through this, especially on the funding side and working virtual (based outside US but have reliable helping hand on the ground in LA).

Looking to make an offer before 22 April 2010.

Have can-do attitude and am highly motivated to get my real estate business off the ground, eager to learn the trade.


Thanks!
Antje