Flipping my Parents in Laws House

[Marc S.]

Hi All,

I am relatively new to the investing game. I am looking for a little bit of help. My parents in laws are looking to sell their home which is worth about 240,000. The unfortunate part is my father in law is a hoarder. The good part the “junk” is mainly outside and in the basement. We are in the process of throwing away all his stuff and hopefully put their house on the market in late fall early spring 2021. My wife and I plan putting house on the market for them but would like to potentially buy the house from them and flip it.

We understand their will be repairs needed to get the house to good standard.

I would like to propose a question to the group. Is their anything we should be considering when flipping a house?

Anything specific we should be looking at when dealing with family members?

What contracts need to be in place with my parents in law to flip their house?

We also thinking of getting a hard money lender to purchase the home but not sure if this is the right method.

I’m sure I have more questions but we can start here.

Thank you and I appreciate all the help!