Negotiating First Flip Deal -- Would Love Advice :)

[Veronica Parkinson]

Hello BiggerPockets Members!

I think I may have found our first potential fix and flip deal. The woman who owns the home is moving into a nursing home and her kids live out of state. One of the sons asked a friend of mine if she knew anyone who might be interested in buying the house and she told us about it. She gave me the sons number tonight and I'll be calling him to discuss the property. I know it's in great shape, the curbside appeal is awesome, and it's in a very desirable neighborhood -- it's just extremely old/outdated on the inside.

So my questions are these:

-How do I negotiate a good price? What's the best way to approach the son about this? Or do I wait to discuss price until I've had my contractor go through and give me an estimate of what repairs/updates will cost?

-What paperwork do I need? I have a general purchase agreement, should that suffice?

-I have cash so should I close in 7 days or do I need to close sooner than that?

-Can I put a low amount of earnest money down, like $1? Does the amount really matter in a situation like this?

-What else is good to know going into a phone call like this??

I really appreciate any advice/input you're willing to give!! 

Thank you!!

Veronica