First timer

[Cameron Enger]

Hello, So I'm trying to get into real estate investing and have a house in mind. The owner is older and just wants out and is taking $50,000 for a $100,000 non rehabbed home. Ideally I'd like to get this home for renting, but it's on a flood plain. I would still cash flow if I decided to rent, but only around $30. 1) should I still buy to rent? 2) should I buy to flip, even with it being in a flood plain? Comps are around $120,000 so I would be profitable based on numbers I plugged in. 3) to get creative financing doesn't it make sense to go to owner and ask them if I could rehab it, sell it for them, pay him his $50,000 he is asking for and 10% profits? Am I missing anything with this scenario? Thanks all and I look forward to seeing the responses.