Advantages and Disadvantages buying from a Relative

[Jennie Peou]

Hello All!

I am from Philadelphia, Pa. Not in the real estate business but I am interesting in investing.

On here hoping to learn and get some advice!

There’s a property next door to me that’s on the market going for $265K. The current mortgage balance on it is $145K. The owner who is a relative wants to offer it to me with the following condition: Pay them $70k up front and then take over the payments of their mortgage which is $950 a month.

I have my own property. My current mortgage balance is $104K (payment is $705 a month). I have about $75K in equity.

I could really use some good advise or insight on the advantages and disadvantages on this particular situation. 

Thank you in advance!

Jennie