Please help, I need advice!

[Josh Smith]

I have a question for a real estate guru. I acquired a home at around $60,000 below value from family and want to turn a profit. The price for the house was set at $110,000 and is worth around $170,000. Our family friend is old and wanted to give us a good deal but also told us we can do whatever we choose with the property. This is all drawn up in a trust through a lawyer and we are on the deed of the property. We have a limited time to pay this house off at a fixed price of $110,000 but when this person passes we have 1 year to get a traditional loan to pay the balance, that means interest and probably a higher payment. The house needs some minor updating and repairs but nothing major. I would love to pay the home off then sell and make a nice profit but money is tight and we are on a fixed income. We are sitting on such a great deal and have no idea what we should do! The thought of this deal slipping through our hands is killing us, we don’t want to get a traditional loan and get robbed on all the interest and a 30 year loan if were not able to pay it off in time. Please help any recommendations? I would like to use this property as an impetus to start a career in real estate investing.