Potential First Deal

[James P.]

I have a family member that has a property and she owes $80,000 on the house. I asked her if she'd sell it to me basically and she replied yes. I've heard that creating a LLC is not the first step, but still important. I am thinking I begin a LLC and pull a fha gift equity loan from a lender to buy the house. I was hoping that through this loan I'd be able to get a 203k loan to follow suit, so I can force appreciation. I would then refinance and pull the equity to pay off the fha gift equity loan and hopefully the 203k loan and whatever is left purchase another property!

Does this sound a little right or even possible?