First Time Buyer Oppurtunity

[Scott Simmons]

I have an opportunity to purchase the house next to my mother's, near identical layouts. My mom paid 170k 2 years ago for hers, the one next door, I can get for 135k. Hers does have upgraded countertops and cabinets in kitchen, Floating floor throughout. She is wanting to do something with what is left of her investment savings, approx. 27k. She put 55k down on her house so she has good equity in it. She has limited income, 1800/mo, and my income has been near Nill, since Covid shutdown, so I have no way to help other than advice, and work equity. I have researched and feel that Rental potential is 1500/mo. HVAC is less than 3 years, house built in 1987. HOA 120/mo. Includes lawn care and a community pool.

I have thought about working a deal with owner to put under contract, use some of the 27k to do upgrades, then list it for 170 plus. 

I've thought about putting under contract, its a vacation home for current owner and he needs at least 90 days to fulfill his obligations, and marketing it locally at a 10-15k bump, then do a double close.

Any advice on how to proceed, would be appreciated.