The biggest catch will be that First National Acceptance will probably make an offer with a significant discount on the DOT/Mortgage Note cost and your family member will probably not be interested in selling with a 20 - 40% discount.  

So when you start stacking up a bunch of those things it can be clear why FSBO is not a favorite versus listed properties by their peers.It's also another reason why buyer brokerages shy away from discounter listings.

Or, if he chooses to, he can gift it or sell it to family at a discounted price.2) Make a minor renovation ($40-50k) to make it very comfortable (central AC, new bathroom, etc.) and hold onto the asset and maybe down the road gift it or sell it to one of his children.The house is his best asset and my attitude has always been #1.  

Short sales 1-3 years ago could be very profitable because the banks were more willing to take deeper discounts. 

Hey .. there's a untapped idea .. offer any Bp member a discount on a room .. there are a lot of out of state and out of the area investors traveling to Tampa right now ..

@Eugene Asare Why is she willing to let you buy the house at such a steep discount?

When the next recession hits, your funds will have been growing and be there to buy at a discount.

Of course if your in a very high dollar area you might be able to work with less since that 30 percent discount would be of a higher resale value.

It's going to be very hard to get strong positive cash flow on properties in that area unless you're getting them at a substantial discount off market.

It sounds like he got a job cancelled and is fitting you in to a cancelled slot at a discount.