Seller wants to partner with me to fix up HER house

[Charlie John]

Hey BP,

Seller from my direct mail campaign called in and wants me to help fix up her house to sell for top dollar. Her house is worth 230-240 fixed up. I have not seen inside house yet but I am guessing it will need about 20k in updates. Paint, carpet, new bathroom, kitchen updates, fixtures, etc. She owes 60k. 

She said "how about you buy it from me as is, you invest your time (possibly $) into fix up, and then we split the difference."

Anyway, how do I make this deal work BP? Should I just tell her that I will charge a flat fee to get everything fixed up and then sell through one of my realtors? That's assuming we use a line of credit on her house to do the renovations. Thanks!