Trying to get creative with my financing with my first project

[Aaron Fletcher]

I am pretty excited about a cabin that we would like to own and fix up for my father in law. We currently have a usda loan on our current house that we have been living in for 6 years. The cabin has not been lived in for years. And is not currently on the market. The only information i have found is that zillow has it estimated for 43k. but it clearly needs a lot of work just from looking at the outside. I was able to speak to the owners son who is in charge of all the parents finances since they are in their 80s. I explained that i was interested in renting to own or buying the cabin. He asked me to come up with a scenario for each so we could discuss it. I did some comps of recently sold and they all had the same size with 2 beds and 1 bath that sold for 100k.

Currently we do not have a a lot of money in savings but i am looking for creative ways to finance this project. From the outside im guessing around 20k just to get it livable. I am the only income at the moment and bring in about 60k a year. My mortgage now is 1100 a month with escrow. Currently i owe 160k and it has an estimate on zillow right now for 200k. i know zillow is not what i should go by but its what i have to work with right now. I was wondering if anyone had some ideas that would allow us to purchase this property, fix it up and allow him to live in it. Im sure i have accidentally left out some information that would be helpful. I have been reading a lot about financing and listening to the podcasts to come up with possible solutions. Any comments would helpful.