Newbie Investor from South Florida - Need help with an attack plan!!!!

[Carlos Diaz]

Thanks for helping. I started a marketing campaign this week, I posted details on the campaign in an earlier post.

Through my marketing campaign I uncovered a seller who is slightly motivated. He mentioned he might be heading towards divorce and may need to liquidate some assets. 

1. 1. The first property he is trying to sell is a 4/2 with an estimated ARV of about 145k, which is what he is asking for the property. The kitchen needs to be updated, but the bathrooms were recently renovated. He rents this property for $1,200/month. I am thinking I can probably get the house for less than his asking.
2. 2. The second property he owns is a town-home in homestead, FL. I note that this property is a 3/2 and currently has section eight tenants in the property, rent is $1,000, and the tenants have resided in the property for ten years. This property was built in 2006. He is asking $100,000 for this property. I estimate the ARV for this home to be between $110,000 and $115,000. I note similar town-homes with traditional tenants rent for $1,200 in the area.
3. The Third property is next-door to the first, and the details are the same. Section eight tenants, $1,000 rents, same asking and ARV.
4. * He owns all of the properties free and clear.

I do not have the cash for a down-payment, but I think I could tap into my network and bring some investors to the table. I have been brainstorming, trying to figure out a way to acquire all of the properties, or at least one of them. Wishful thinking, I know!

I was thinking if I can get the two condos for $150,000 - $160,000, I can borrow half of that from a family member, get a mortgage for the pair of properties, then sell one of the condos at the estimated ARV and repay my family member. I figure if I can get the property at $150,000, I can offer about an 8% return for in six to eight months. This is all assuming the town-homes don't need any work.

I can also scale this plan and try to acquire all three properties.

Does anyone have any other advice? Is my plan even possible? What other options might I have? Have other people been in similar situations?