Slow Contractors | How to Frame Deal?

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Hey everyone,

My wife and I are looking to rent out our current SFH in Baltimore, and we want to move to another house nearby to BRRRR and do the same. I have an off market lead I got through networking on my block, and I was wondering if I could have some advice on how to land the deal and have both parties win.

The house was inherited from the parents of a family who own a remodeling business. They gutted it to flip, and over the past year I've only seen them a handful of times doing work to it because they said they didn't have time. 

They said that they are looking to finish the flip and sell this summer (I don't think this is true given how long they've left it vacant so far), but they said that we could essentially sign a contract to buy, allowing us to choose finishes, cabinets, etc. Essentially, it would be like signing on to a new construction. The ARV and price they would want to sell it for us $300,000, which would be a good deal for this part of the city, but I wouldn't have enough equity in it to BRRRR.

I want to expedite the process if I can, and I would love to have equity in the deal so that we can BRRRR it and expand. How would you go about this to get a deal in place and start moving forward?

Thanks for reading!
Brady