Creative Financing for Home Renovation

[Taylor Hupfeld]

Good evening,

I am looking for advice or to see if a certain situation would even be possible.

In this scenario, a long time resident (likely no remaining mortgage) has become increasingly ill and was taken in by family members who live in a different state. I was told recently that a "friend" that lives in the neighborhood (the companion of the owner) was supposedly taking care of a few things in the home before it would be placed on the market in the near future.

I have never actually been inside of the house so I am unsure how much work actually needs done. If it is anything like the home I bought in the same neighborhood then there is some updating that needs done but the return is definitely there. Three homes in my neighborhood have been up for sale at various points over the last few months and all of them had buyers within a week of being on the market.

My questions are:

Is there a way to negotiate a deal with the out of state family that involves a fair purchase price for as-is sale, me fixing up the home (to whatever degree is needed), and then paying them once I am able to sell the finished product. What would be the legal way to do this if it is actually possible?

I am not in a position to buy another home in this neighborhood, but I would be able to fund most imaginable repairs based on the projected return. Any advice is greatly appreciated!