I have a very nice elderly lady who wants to sell me her house.

To me, that's the same logic - you may eventually sell the house as a FSBO, but do you really want to take the gamble that the carrying costs on a FSBO won't exceed the realtors fees?  

Account ClosedThat sounds more like speculating/gambling - I am not looking to do that.  

OK send us docs we will give it a free look.. 3 days later free look is over send us 10k for in depth due diligence.. then string borrower along until they go away.Some lady was trying to develop a parcel in Clear Lake CA.. ( I happen to have first hand knowledge of this as I am from there) that parcel could never be developed.. they led her on and she lost her EM deposit her 10k to these guys and her dream.. she went ballistic and some how got a retired FBI agent to help her.bottom line 25 years in business they could only document 3 loans that Remington had actually done and they brought in over 40 million dollars over those years.. so now were just bereft with the little time scammer.. the guy who pops on BP with a phoney company and promises private lenders at 3 % 100% ltv the newbies and beginners on BP think they hit the jack pot only to get scammed out of 500 to 1000 bucks before they too realize its a fake.One guy posted HEY I NEED DEALS  I just got approved for 20 million...

I got into a fantasy football pool with my real estate agent and he self appointed himself as the treasurer and held $480 to pay out the winner. I won the championship and he now owes me $280 and has not paid me in tw...

@Darren Budahn This is a property owned by an old lady who is looking to liquidate her portfolio.

If you have good books, it'll be easier to get future financing and it almost doesn't matter if your CPA is REI savvy if your bookkeeper knows what they are doing (forget the lady at church that'll do it for $10/hour). 

Ladies and Gents,Thank You all for your help and input! 

Wow you wouldn't think the lady would just let 50k in equity go that easy.Certainly not what I think of when I think flip but sure looks a good way to do it.

The demand will be from those with 3 kids or wanting a home for 2 kids and the guest room for visiting family or office or hobby room as ladies like to quilt or a guy wants a mini man-cave.