Identifying a solution/route for a property in the neighborhood

[Amber Krueger]

I am working on a deal with a neighbor on a 2 bed 1 bath in a great neighborhood. The market is competitive, like it is most places. The home assessed for 228k, and he is willing to sell for 210k. Seems like a deal, right? It needs a roof and other than that, could be rented as is for about $1450. Margins are tight (I'd be using a Heloc for the down payment). 

Alternatively, a person could put some lipstick (flooring, backsplash, paint, lighting) and a roof on the home and get closer to $230k or so I believe. Seller is flexible on closing and is moving out of state, so they don't want to deal with it. Margins feel tight here as well. 

A third option that I'm less comfortable with due to lack of experience, but seems like less risk: I get it under contract and find a buyer (preferably without an agent) to purchase pretty much as is. Is there a name for this other than wholesaling? The information I read about wholesaling doesn't particularly apply.

My goal is to build a portfolio. I could hold this and give it time to appreciate. It is conveniently close and could be used as a short term rental to try and make a little extra money. Alternatively, getting it under contract and reassigning it to a buyer could provide me with some cash to be in a better to add a multifamily to my portfolio. 

I'd love to get some feedback from other investors and am looking for resources as to how to go about the third option! Thanks! 

[Amber Krueger]

@David Avery thanks! After having someone take a look at the roof, I think it actually has 5 or so years left on it! I already have it under contract at 210k. Now I'm looking at either buying to hold and break even for a little or put it back on the market and have a little more cash for the next deal!