Absentee owner in Royal Oak

[Jared Jankowiak]

Hello bigger pockets!!! After a long stretch of analysis paralysis, I am finally attempting to take action!! I am reaching out because I am trying to make this first deal work. It is a 3/2 1250sqft SFR with an absentee owner in Royal Oak, Michigan. He claims he owes about $180,000 with an assignable mortgage. He would like to get what he owes. The ARV should be around $250,000. Kitchen needs to be replaced. Bathrooms are newer but debatable. So I'm estimating rehab at $35/sqft ($44,100). My plan is to either 1.) fix and flip 2.) fix, move in, and rent my current home/house hack. 3.) BRRRR.

So my questions are:

1. Are these numbers workable?
2. Is it possible to get the property under contract while the owner continues to make payments and I perform the rehab? To offset holding costs.

Thank you