Found my first deal? Advice

[Bill Kramer]

While I am rebuilding my credit, I came across an off market house from a friend. It's a 4 Br/1 bath 2 story house with a good metal roof. I can make it a 4br/2bath. When I check out comps, they are in the $140k range.

I was debating on trying to put it under a contract sale (owner finance) and at least get the demo rolling while i wait on my credit. 

They want $40k for it, and if I bid out the work it would be in the 50 to 60k range. Of course, as a contractor I can significantly lower that rehab cost.

Should I just wait it out, or get creative and jump on it. I would like to flip it for above market to create some starter cash.

Also, are there loans out there I can hire my company to do the work?

[Jon Schoeller]

This is going to depend a lot on your confidence in yourself and improving your credit and being about to get that loan in time. I am guessing you are going to try to get HM loan to fund the investment? What happens if you start the project and now you have money it and a payment due every month to your friend for the house? 

The deal seems quite lucrative. Do you have any private money lenders you could pitch it to for a safer approach?