My very First Deal time to get off the couch......

[John Lowry]

Hello all.  I don't think I have ever posted here.  My name is John and I live in the Dallas, TX area.  Well I need some guidance.  I have always been fascinated with real estate, but always watch from the couch.  After years of watching I am dipping in.

Duplex - One side - Lady is moving to assisted living and told me she cannot make a profit on this house.  Payoff is 71k.  Payments are 523/month.  2/3 Bedroom 2 bath.  North of 635 mile to mile and a half in Garland.  Area on Zillow lame zestimate shows 146K but shows 3 bd 1 ba.  Called Realtor - Comps closest were about a year ago 130's.  

So seller has a greed to allow me to take over payments until I can get the house, "to qualify for financing and pass inspections".  She has given me a year.  I am pretty savvy with construction - I own and operate an access control/security company in the Dallas area.  I have several folks in various trades that can and will come work.  

House, hasn't been touched since it was built in the 80's.  Necessity to pass inspections.  One bathroom needs completely tore out and rebuilt.  Possible wall rebuilds.  Luckily, my son and I can do this.  The only major concern is the toilet not working, going to have my plumber come check out the toilet drain and make sure I don't have to start busting concrete floors replacing a sewer line.  He has assured me this is worst case scenario and more than likely is not and will not be necessary.  

Painting - family.

Floors - Contractor - all rooms

A/C condenser - Contractor

Office or bedroom install door to confirm its a 3rd bedroom - family

Kitchen - could go either way.  Rip out and rebuild or stain and/or repaint cabinets - family

Outside - cut down trees and light landscaping - family  

Quite a bit to do on this 71K home.  

So in structuring this deal with the current owner.  Do I just do a basic purchase agreement detailing the deal?  Does she do a, "quit claim deed"?  

Just want to make sure we are both locked up in this.  Within and/or by the end of the 12 month period the property will have to be purchased by myself or sold.  So I want to make sure I get my check at closing if I decide to sell it.  Obviously I will file all of this paperwork with the County.  

Assistance and ideas appreciated.