Sounds like a challenging situation all around I would  not cancel the deal, but if he dies and it goes to the estate and probate you may want to start looking for something else just in case...Best of luck. ...

Did you started working on it?

Hey @Aaron Price, I think the best way you can get started in real estate is to reach out to local investor-friendly agents in your market.

I’m based out of Lehi, Utah, and have always been fascinated by the potential of real estate to create opportunities and build wealth.After spending time learning about the industry and what it takes to succeed, I’m ready to dive in and start making deals happen!

My suggestion if your goal is to free up some equity to use for another purchase - start small with the single family home with a cash out refinance.

That was after vetting many properties eliminating them before starting out.The more you do. 

I started prospecting the interior around 2 years ago.

@Shawn Questa I agree with you that there could be some opportunity here, but personally, with that little equity in the property, I'd wait for the pre-foreclosure process to start and  perhaps you can do a short sale (though I don't know the details on how that's handled in TX).

I live in Boston, but I was advised to start my real estate business elsewhere as Boston is very competitive.

5) If approved, how much will they want upfront, when can they start and what's their expected completion date?