Need help structuring my very first deal

[Alex Freelove]

I am a first time home buyer and plan to use FHA first time home buyers loan. (Just a matter of saving up the initial down payment.) I am asking for advice on how to structure a deal with this lady I met that wants to sell her house but hasn't listed it or anything. I happened to come across a home owner who just wants out! It is For Sale by Owner. Property value is about 220k. She is selling it "as is" and needing the roof replaced and other rehab expenses. She explained she would part ways with it for 200k. 3b2b 988 sq ft. 2 car garage. Sold as is, roof needs to be replaced soon. I guess her husband is a real estate attorney. Her Son has lived there the last 8 years. He's looking for a new home. My credit score is great at 760, great income job for the last 5 years. I'm just wondering what the best option is to present a deal to the seller? Subject-to, lease option etc.

[Aaron Mazzrillo]

You're mixing business and pleasure. Not sure how one goes about snatching up a house well below market and uses FHA financing.

A 3 bed 2 bath at 988 sq/ft? Sounds like there might be a 1 bed 1 bath illegal addition on that thing or you're talking about some REALLY tiny bedrooms and bathrooms. Is there a living room and kitchen or are they sitting on couches on the back yard and cooking on a BBQ?! LOL

Offer her $130K cash, wholesale it for $10-$15K and use your new found wealth as the down payment on a house you would actually want to live in.