How to buy a property from a friend of a relative

[Kenneth Biason]

Looking for advice on how to handle buying a property from a friend of a relative.  What steps would I begin to take?

It is an old property (1880), is also a two family home, and in a high property value area with high rental rates. Will probably need a decent amount of repairs, but ARV's in the area can be over $600k.

Looks like they would be agreeable to sell to us when they are ready. Would like to know how to start the process when they give us the go ahead.

If anyone could point me to any resources that would be helpful.