How do I approach a warm lead?

[Andrew Deaton]

To start out, I’m new at real estate investing and I just got my real estate license. I’m looking for my first flip. I’ve got a warm lead on a house in a sought after neighborhood in my area. It’s a small 2/1, 810 sq ft. that a friend of mine is currently renting. The landlord is elderly and he’s gifting the property to his son, who is looking to sell. My friend told me the son brought a realtor over to look at the house today.

If this house goes on the market the price will likely soar in a bidding war. I’m trying to snatch it up before it goes on the market. I’ve priced it based on comps in similar condition and am working backwards to see if the numbers work. It looks like they might work. What are some strategies I can use to get this property before it hits the market?