Need Ideas

[Account Closed]

I have a single family 3 bedroom 1.5 bath home with 1508sqft and taxes of about $5500. The house was built in 1958 with original electric, 2 prong receptacles throughout the house, no A/C unit, original plumbing (copper and cast iron), original bathrooms and original kitchen. The ARV on the house is $230,000 and the seller is asking $210,000. The roof, boiler and water heaters are all new. I figure the house needs about $40,000 to bring up to date. The house is paid off but the owner/builder is in a nursing home. l am attempting to fix and flip but would like to offer more than one option for the seller. How should I structure this deal. Any ideas, please give suggestions. The kids are selling the house to help with the care which is running about $10,000 per month.