Possible First Deal :)

[Joseph Sanchez]

This property belong to my neighbor's mother. SFH 3/2, located in Kissimmee, Florida (Golf Community). This property was advertised by the son as a Short Sale 165k for 135k. No takers as of yet. I took a look at the property and it has some good features. Nice neigbhor, low yearly HOA, Pond view, Open floor plan, 2-car gar, central air, about 2100sq. All carpets needs to be replace due to a dog the last occupants had. Need paints, minor landscaping, and a very good cleaning. My estimate is 5k in repairs. The son offerred it to me at 118k. Apparently, his mother is in preforeclosure. She purchased the property in 2004, 167k. Add a screen in porch another 7k or so. The bottom line is 118k. My estimates is that she owes about 67k. I took the son I was interested, but 118k was entirely too much money. The ARV on the property is about 130k. I don't have an end buyer, and would probably have to financed it through an FHA or Conventional mortage. I thinking of putting together a Short Sale offer for 50-55% of the ARV which is about 65-72k. Live in it for a year and then sell it at hopefully 130-140k. Any recommendations or advice. I already own a house two blocks away and have a mortgage. Should I birddog this deal out if I can get it?