Rehabbing my In-Laws Current House - Motivated Sellers

[Chris Cabanilla]

Hi, I’m relatively new to REI and BP. My In-Laws are looking to sell their home located in Garden Grove, CA within this year. Their “as is” home value is currently way below market value (I.e house very dated, needs work, possibly foundatIon issue) and they are willing to let me rehab it to sell at market value within the next 4-5 months. They would be more than happy to walk away with 400K upon the sale of their home after the rehab of the house, and would agree to give any net in addition. After doing the CMAs, I believe their house can sell for around 600K (but would be more competitive at around 550K just to get action of course). How should I go about this? Initially I thought about getting a hard money loan and doing a traditional transaction so that my in laws can get their money right away, however time is not of the essence Someone also told that me to save money (avoId poInts/fees/Interest) and just “partner up” with my InLaws and write a contract stating that upon the sale of their house, they’ll get their 400K and I’ll get the rest, have them give me a quitclaim deed to the property and i’ll pay their mortgage and expenses during the rehab months. Any advice? Thanks.