Odd flipping question in Murfreesboro, TN

[Kevin Howe]

A friend of mine has a home in Murfreesboro that he's willing to sell me for what he owes on it $146K.  He's in rough financial shape and doesn't want to get an unexpected "hey you need a new A/C unit" or other such call.  He is unaware of any problems with the house, but he just wants out.  The house is worth $180 to $190, probably with very little rehab.  It's currently rented and has been for half a dozen years or so.  Here's my question.  If I buy it from him directly I figure I'll end up with $2000 in closing fees and figuring roughly $5000 for new carpet and stuff to make it tip-top for resale.  Then maybe another $2000 in closing fees on the sale, plus $11000 in realtor commission.  That leaves about $14000, which seems pretty skinny in case anything unexpected turns up?  Any thoughts on how I could do this more economically.  I'd like to help out my pal, but the reward has to be worth the risk.