Assuming a mortgage to acquire a property

[Brandon McMullin]

I met a lady selling her house, long story short. she wants to move out of state in a few months and I told her I would buy her house. I told her I would be okay with just taking over her mortgage. and she was just fine with that.

I talked to her bank and I've seen information regarding her loan.

she's had this loan for 5 years and she has 20k equity.

we are just waiting for her contract with her realtor to be up In mid January 2020 before she can legally sell it to me because its considered a for sale by owner transaction and that's against her contract with her realtor. 

so there's only a $150 fee from the bank, I don't have to put anything down. the house in turn key. no repairs are needed and I have a tenant ready to move in right away.

I'm guessing with insurance and all the fee's, I will probably spend around 

$2000. and my monthly cashflow will be $400/month and ill have the 20k equity right off the bat, that I was planing on using to get another property with.

anything to lookout for when assuming a loan? not much info out there on this and seems like a great way to get properties if you ask me! the ROI is around 300% if I did that right