I may have my first deal?

[Rene Escalante]

Hi everyone, can someone help my with some input on this. 

My friend is moving to Florida. He put his home for sale and is very frustrated since he accepted 3 offers and all have a hiccup at the end. 

I started to listening to BiggerPockets and I am trying to come up with a deal that will help us both. 

His house is worth about 190K

This is what I want to do. 

1. Put an offer for 140K  and 28K (20%) down payment. ( My friend is OK doing this)

2. Bank will lend me 112K and monthly payment on mortgage, insurance and taxes will be about 1000

3. Rent the house for $1850 I may have a cashflow of about $300 a month $3600 a year. 

4. Refinance the house in 6 month for 150K  and pay my friend 40K this way he sold his house for 180K. 

5. I will have a house the is worth about 200K with a mortgage or 180K. 

Any tips, Ideas or ways to make this a better deal I will take it in considerations. 

Thank you so much in advance!

Cheers!

Rene