Possible deal - could be fishy

[Eric NA]

[i]Flip this house and we both win... I own the house outright no mortgage, but the house needs work and I don't have the money right now to do it. If you're a handyman and would like to make some money this is the deal for you!!!!! You do the repairs and put the money in for items needed, when complete we sell the house and I take $50,000 and you get the rest. Houses in the area sell around $80,000. Labor is the most expensive part of renovation, so, maybe you're out of work or just need some extra money and are willing to put in some time. Let's strike a deal so we both come out ahead. This could be your chance to see what flipping a house is all about, especially since you're not having to buy it before you can flip it. If you would rather buy it outright that's fine too, I want $50,000. If you just need extra money we can work out a deal!!!! This house has been sitting too long and I'm not getting the money I need to complete the restore. Sure hope there is someone out there that believes in theirself enough to call me and get this show on the road. I'd like to put the flip on a time frame so neither of us are tied up for an extended period of time. I'm putting a picture of the house online so you know it's not a piece of junk house. It really is a saleable home. Brick exterior, slab floors, storm windows all around, 3 bedrooms 1-1/2 baths and 2 car garage, with a nice back yard for children. Backs up to hwy 169 and has the tall cement sound barrier behind it. Real close entry to expressway system. It's in the Union School District which also adds to its value.
This is some of the things it needs in repair. Some of the windows are cracked and need replacement glass($30), interior doors to bedrooms all need to be replaced 3 of them($150). Needs trim on entry door and outside passage garage door, and a new door to the garage into the kitchen($100). Needs painting($100) of course and new carpet(inexpensive carpet would run around $500) in livingroom, hall and bedrooms. Also really would be easier to sell if it had a patio door to replace the sliding glass doors on back(approx$350). Needs new ceiling fans and lights throughout, some of them are still good but a fresh look would be nice($150). An overhead garage door opener would be a nice touch too($150). Previous tenants took it with them when they left. Needs new hinges and pulls on all cabinet doors($50) These(?) are approximate figures if we are careful not to get to carried away. Of course there will be some additional expenses like brushes, nails and etc. Also needs new mailbox($30)

This is what it has. Entryhall tile to start of livingroom, tile in both bathrooms, tile in kitchen and dining room, has a long mirror on wall that makes the livingroom appear much larger than it really is, has a cement back patio, has been wired for security although the security system there has been destroyed. Has washer and dryer hook-ups in garage, central heat and air, gas cookstove, and crosstop refrigerator, dishwasher(appr 3 yrs old). Has an attic fan and storage area above the garage.

I'm willing to help you in any way possible labor wise. I just don't have the cash for labor and materials. [/i]

Above is the ad on craigslist. So I called, and here are the basic details:

-Owner has $0 cash in the bank right now and needs money immediately
-Bought in 1994, paid 46K, 15 year mortgage just ended, so it's paid off
-Wants 50K for the home, won't take a dime less but not worried about getting more
-Used as a rental for all 15 years, currently vacant
-Comps sold within last 3 months put the price per square foot in the area at $58, $72, and $75. ($58 was a larger house than most in the area, this one is smaller at 1,020, square feet)

I called her up and told her I could take care of hiring a crew to get in there and fix it up, provide the cash for getting it ready to go and on the market. She said she's had 15+ calls on it today and it's only been up for 12 hours.

So I have two questions:

1) Can I write a contract that protects me enough for me to invest the cash to fix it up when I don't own the property so that when it's sold I can get my profit? What if she decides not to sell? Can I write it up so that I can take the rental income from it?

2) She said she was intersted in what I had to offer, but why would she bother? She said she doesn't care how it gets done she just wants the 50K as soon as possible. The other callers were more like potential buyers who would fix it up themselves and then live in property, so why bother with me? I'm just going to add 30 days to the process (at least) and her profit will be the same.

Thoughts? Any way to make this deal work?