How Do I Structure This Deal?

[Miguel Pacis]

Good morning !

I have an acquaintance who is having a financial difficulty who needs $10K  cash in the next 2 days and wants to sell me his home that is worth $210K(zillow) for $150K . He doesn't want to deal with the investor who came by to offer 158K for some reason.

He wants to move out because he can longer afford owning the home because he lost his job. I checked on the county records and it only shows $8K subordinate deed he took out mid 2022 and the original $80K loan originated in 1999.

I own a property free and clear rental SFH, worth 250K on zillow, making 1700 per month and I am considering taking a HELOC to pay the house of acquaintance. I intend to offer to rent him the house for 5-6 months after purchase. The house is in good shape (based on my initial observation on the property).

I'm just a passive investor and does not have the confidence if the deal I have in mind and financing structure is good. 

Am I missing something?

What would you guys do in this situation?

Thanks for your input in advance...