First deal underway

[Lawrence Sarpong]

Hello all. I have a scenerio that I would like to run by the group for consideration. I've come across a forclosure on the Northside of Chicago that I think has some relatively good #'s but again I am leaning on the forum for thoughts. Here's the skinny:

Features:2bd/1bth condo

$97,900- what the bank is asking

$129,900 tax assessed value

$1,878 (2012 taxes-paid in full)

Now then...If you were going to make an offer on this property what would you offer the bank? I was thinking about offering 75% of the ask which would make the offer $73,425.

My end goal is to purchase the property via a private money lender and then flip it by placing it right back on the market for $105k which is still under the comp's in the market and then splitting the profit with the private money lender. I would love any thoughts on this. Does it work? Is there anything else that I should be looking for? Is this a good deal and would you structure it any different? Thanks in advance.