Advice on First Deal

[Lance Mullins]

Hello BiggerPockets!!

I was looking for some advice on my first potential deal. Here are some details: 

My Strategy: Buy and Hold/Rental

Single Family House 

Asking Price: $44,900

ARV: $80,000

Renovation Cost: $25,000 - $30,000

Expected rental rate: $750 - $800

Situation:

I was notified about this property by a broker who is a friend. I would like to structure a deal with as little money out of pocket as possible. I have $5,000 that I am willing to spend out of pocket. The owner has left the property vacant and is residing across the county. I do not know if there is any debt left on the property. I was thinking of a land contract in a way that I can gain title for repairs. Any suggestions?!