I've got a deal. Now what?

[Benjamin Verrill]

Hi everyone!

I'm looking for some advice if anyone would be so kind as to reply. I'm new to investing in real estate. I've been reading every book I can get my hands on, but I still have a long way to go to understand the ins and outs of creative financing, flipping houses, buy and holds, etc. Which brings me to my point.

I have an opportunity to purchase a 3 br/1bath single family home in Saugus, MA for somewhat of a discount. The house was appraised at $410k an the seller would be willing to let the house go for $360k. The owner has a mortgage of $150k still on the property. The house does need some work, how much I'm not sure, but the roof is in decent shape, the kitchen is brand new, and there's quite a bit of new flooring. I don't have the funds to put 20% down, and my wife and I don't particularly want to live in it ourselves. There are other similar sized houses renting out at $3k on the same street.

So my question is, what would you do in my place? I really want to get into buy and hold investing but lack the funds. I know there's probably some creative financing magic that could be worked, but being new, I'd hate to jump into something that would screw me and my family over. 

Thanks for reading!