220k House for 80k... what should I do?

[Cory Bittick]

I have an extremely rare opportunity to jump start my real estate investing goals. I'm getting a STEAL of a deal. My parents are moving out of the country and are selling me their 220k (market value) house for 80k. My question is, what would you suggest I do? Leave 20% equity in, and pull out around 175k to pay the 80k to them and have 96k left over to reinvest? Or pull out a loan for less and retain more equity in the house? Also, this will be a RENT house. My wife and I will not be living in it. What kind of loan should I go for? FHA? It's in Houston. -Cory Bittick