How do I buy the house I'm renting as an investment?

[Mohamed Abushadi]

I am currently renting a decent 4 bedroom 2.5 bath suburban home in Alpharetta, GA and paying $1,650/month. I would like to buy the property from the owner but don't want to offer a bad deal and in the process anger/offend the landlord. Comparable properties range between $260K - $280K.

Why I want to buy:

• Save on rent as the mortgage will be cheaper
• Fix the house and flip it while living in, holding it for 1-2 years for appreciation

I would like to offer a low price on the property (reduce 25K+ off retail) since I plan to buy it as is, and upgrade everything in it since everything is from original 1990's construction. I'm afraid to offer a low price to the owner since they are not motivated and are happy with the incoming cash flow.

Any ideas or tips on how to make a offer like this would be greatly appreciated. 

Thanks in advance!

(P.S. Credit and down payment are not an issue and I am pre-approved for financing.)