Okay. So my mom wants to move out of her house, and she's got about 90k left on the thing. It definately needs to be repaired and fixed, and our good friend's cousin pretty much does that (buys, fixes up and flips homes) and he does a really good job at it. It looks like he'd be willing to buy it for what she still owes, and after fixing it up it he'd be selling it to us for around 165k (which would still land him a profit). Fixed up, the house would be worth about 200k even in this market so right off the bat we'd be making 35k. THE PROBLEM: we don't have a 10% down payment in hand, as we were expecting to do all this next spring which is when we WOULD have the money. I know it probably isn't something he can do overnight, but it sounds like if he started within the next month or two he'd be done by fall. I don't want to make him wait for 8 months to start because this is business, and it would be a pain in his ass I'm sure to do a bunch of work in drawing up plans and whatnot but not getting to start until months later. This is such a great opportunity for everyone involved - we get a great house for a great price, dude gets some more good word of mouth and my mom gets to downsize without taking a loss and keeping the home in the family. But I just don't know if it's possible without the down payment in hand.
If I wanted to hear the pitter-patter of little feet, I'd put shoes on the cat.