Any Input will be much appreciated!!!

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Hi

I grew up in a little city outside Atlanta in Conyers. I am a true Georgia Peach. I am new to BP and definitely reading up on everything I can get my hands on. There is so much to learn and it is a little overwhelming. However I am very eager to learn the ropes. I am looking to get into "flipping" houses for extra income and to provide for my family a little better. Right now I am totally lost... I really do not have extra money to buy and sell.. Any suggestions would be helpful as I have read that "flipping" can be done without money involved.. Is this true?

Also wanted to get opinions on a proposal that I have from someone. A friend of mine lives in a home that has a mortgage on it that was purchased in 2011 for 192k, the home appraises for approx. $250k. The mortgage holder needs to get the mortgage out of there name and is offering the home up for only the pay off of the mortgage. My friend wants to continue to live in the home and pay the mortgage directly however she cannot buy the home with her credit. Would it be crazy to purchase the home at $250,000 pay off the first mortgage and pocket approx. 50K then allow her to continue to pay mortgage directly until she is able to get it financed on her own and can get the mortgage out of my name.. suggestions and advice would be helpful... Please don't call me crazy for considering this deal.. I need some extra cash to work with.... Thanks