Deal or dash, what would you do?

[Bill Wilson]

Let me start by saying I am new to this and even though I have been educating myself as much as possible; I might not recognize a good deal if it clipped me in the head with a sledge hammer. I may be equally as likely to jump all over something that I should not have touched because I'm anxious to get my 1st deal under my belt. So any advice would be appreciated!

Here are the details:
- It's a 3bd 2ba 1760sqft twnhse in a ski area.

- It doesn't need any repairs and it's fully furnished.

- The owner is in his 70s and lives out of state. He can't use the property any more and he is motivated to sell.

- The local Realtor ran comps and said they run from $610,000-$700,000, FMV is $620,000, the 30 quick sale is $550,000.

- The average time on market is 120 days.

- The Seller offered to sell for $510,000 without any negotiation so I'm sure he'd go down farther with a real offer.

- My target would be $460,000-$475,000. He does owe $440,000 on it.

I'm working on the funding but I'm considering trying to get a 60 day close and option it off so I wouldn't need to sweat finding money. I'd have to include an escape clause just in case I couldn't find a buyer.

Would you work this deal? If so what exit strategy would you employ?

- Flex option contract, find a funder willing to do an equity share of $620,000, ...or drop it like a hot rock and run.

Thanks in advance.
Bill