Gift of equity first buy

[Thomas Baylor]

I am thinking about purchasing my first property from my grandmother who is willing to do a gift of equity.

It does need a good bit of renovation as it was built in 1966. Roughly 30-40k. She owes 117k on the mortgage and the property is estimated at 215 ARV.

I guess what I am asking is, would this be a good buy? I am hoping it can cash flow a good amount each month. I am just confused about the loan process and the gift of equity.