Oh, and I have the added bonus of finding out that the gas meter and line were removed back in 2013 so now I'm going to have to wait for 6 weeks to get the gas meter installed so we can have heat.Talk about starting off on the wrong foot.The gas hadn't been paid at the house since 2010!  

She divulged this info at our monthly poker game... it just fell in my lap.Data:1700sf3 Bedroom, 1 & 1/2 Baths, w/  bonus office space1 car garage (typical for neighborhood)Comparable properties in neighborhood sell between $150-160kEstimated damage (moisture and general damage) with a contractor at $45k (yeah, nothing to sneeze at; new roof membrane, hvac and ducts (ducts on roof on old NM house), gyp bd work, mold abatement, all new flooring, interior doors, etc.New work would include redoing the kitchen (simple and small, maybe $10k)Upgrade electrical service so we can upgrade the AC ($1.5k)Spruce up landscaping front and back $5kSmall contingency of $4.5k for misc.I feel pretty good about $65k as a healthy flip budgetSo, she owes $98,000We think it only makes sense to go into this if we can get it for $60,000 max (begin negotiations at $50,000).Purchase + flip = $125,000Potential sale on low side of $150,000Potential Profit on low side: $25,000 - carrying costsSo, the real meat of the question (other than feedback on my flip numbers) is what to do about getting the property for its current worth.

I read about giving bonuses and penalties if the work is done on time versus late.

Buyers seem to seize onto the term "turnkey" and at first think the furniture is just a bonus, due diligence shows this bonus has a premium cost. 

As a bonus, you could ask the bank to finance the $210k, if your financials are strong enough.  

I bought my house at 26 and ever since graduating college carried a zero balance on my cards, credit score was still "upper" 700's even without any sort of car loan (never even had one).After buying in 2008, I started opening and closing credit cards earning money on their bonus deals.

My primary goal is to BRRR (Buy, Rehab, Rent, Refi) and cash flow although I have been thinking about alternating between flipping and cash flowing on a 2 to 1 ratio (it's nice having those big "Bonuses" from flipping).Wife and I are moving to Austin but the real estate game there is to unreal IMO.

- Another reason you want to find a buyer, is because some investors offer Double Bonuses!!

I definitely dont like letting the team down since they also get per file bonuses that feed their families as well. 

As a bonus, it will be nice for many senior citizens who have seen their interest income plummet since 2008.