What offer should I make to the owner about this property?

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I am looking at a property, that is worth about $130,000 to $150,000 depending on how much I end up putting to remodel the place. It's on .36 acres of a lot with 1,366 square of single family unit. There is a pond behind it and it's in a decent neighborhood. The owner has paid so far $70,000 on his mortgage(bought the property for $105,000) but due to personal reason he hasn't been able to make last few months mortgages, in total he is $5,000 behind. He is looking to get out. I haven't decided on what I plan on doing with it but either way it'll need pretty hefty interior remodeling and minor exterior fix ups. After that I might put it out for rent or just sell it(Fix n Flip). My question is what would you offer to the owner? What number would you throw to buy him out. In a way where he is happy and where I am happy. He plans on retiring by 2020. Thank you! A bonus question : How many months does the bank give a person to pay their mortgage that they are behind on before they foreclose it?