First Deal Questions!

[Ben Brenner]

Good morning friends,

I have a few questions for the wider BP crew! I am a current home owner looking to refinance and get my equity in hand to move on a deal. I have an older man who is looking to sell his fixer upper for below market value because he owes 150k on a reverse mortgage. He is willing to accept 150k to get out from under the mortgage. The unit will need 50k in work and it's ARV will be about 270k. We intend to live in the unit while fixing it up. My questions are as follows:

-is there any potential pitfall to buying a home with a reverse mortgage on it?

- Should we get an FHA rehab loan or would another form of loan be better?

- I have a real estate agent, he doesn’t (it’s not on the market), will she be able to handle both sides of the transaction?

- And finally, am I missing anything in general because I’m such a newbie on this deal?

Thank you everyone!

Ben