Setting up a deal in Evansville, IN

[Mazen Al Ashkar]

Hello All,

I'm trying to set up a deal in Evansville, IN,3 bd, 2 ba, 1,138 sq. ft. currently has a tenant paying on time 1000 a month. House needs no rehab, new hardwood floors and roof was done in 2013. 

This house belongs to a very good friend of mine, he recently moved out of state and would like to sell it, cash out the equity (has 50k remaining on mortgage) and put 30k as a downpayment on a new house to purchase where he's currently living. 

His main motivation is the 30k, he did mention he wants a 100k which after my research proved that it's the ARV. He thinks he can sell it for 112 or 120 based on comparables that are a bit far from his street. I'm an out-of-country investor (Canadian) and i only invest in non-performing mortgage notes, so buy and hold is kinda new for me. Any advice on how to set this up is appreciated.

I know he cares about the 30k downpayment. 

He doesn't mind if we come up with an approach where he ends up creating a note (Assuming he has the downpayment somehow)

He has a good job and not really pressed on time to sell so he's expecting list price with little negotiation room 

He said he will reach out to his lender at the bank to introduce us and see if she can lend to canadians. 

I'm going to brainstorm on this by myself but thought i would write this here first to pick your brains!

Appreciate the help

Cheers