owner financing for a flip

[Chris Adams]

Hello everybody,

After a lot of reading and podcast listening, an opportunity may have arisen for me to purchase a friend's deceased grandfather's house from this friend's parents through owner financing. The house is worth about 370k, and I may Be able to to get it just under 300. The house is in a decent (c+) neighborhood, and is quite outdated inside as far as styling. Everything major in the house works, heating, plumbing... The owners are getting older and would not want to carry out a loan for too long, so my question is, how do i figure out what to do with this place. Quick fix and flip, or move into it, do what work I can, and have the rest done while there, or get it to rental ready status and rent it out for a while before doing a bigger rehab (addition) in the future when the market hopefully goes up...?

Also, how should i approach the sellers in terms of the deal. I am totally new at this and have no idea what "standard" numbers are for this kind of a deal, which would be 10-20% down with a certain monthly amount and balloon payment within about 5 years. Any and all information or comments are greatly appreciated, I will be speaking about this to some investors i know and hopefully a lawyer that I find. Thank you for your time guys, this community truly is amazing.

-Chris Adams