Buying a 2 family rental property using home equity.

[Seth Nanton]

I have a home worth $350k that's completely paid off. A neighbor is selling their two family which has two 1,100  sq ft apts (1 br). Upside, backyard, deck, access to mass transit, restaurants, beach. Downside, needs new porch, flight of stairs to get to the porch, and needs new electrical (still uses knob and tube). Selling for 299k. What kind of strategy would you employ here hypothetically? I'm totally new to this but interested in learning. I've read the no to low money down book. But I'd love to hear from people "in the game".