Hypothetically purchasing my in-laws house

[Katie Fiola Jones]

Hello BP! 

My husband and I are still pretty new to investing (under contract right now for our first OOS duplex in Indiana!). We are very excited for our first rental property! 

Anyway, my mother-in-law mentioned over dinner a while ago that they might be moving in the next few years leaving their nice 5 bedroom 3.5 bathroom house in Broomfield, Colorado vacant! I didn't think much of it at the time, but I happened to listen to a BP podcast that talked about land contracts and it got me thinking. 

They own their house in full, so no mortgage. The house needs a bit of updating, but I have been fantasizing about the idea of purchasing the property from them on a land contract, fixing it up, and then reselling it on a land contract. 

Has anyone in Colorado done this? I kind of wanted to bounce ideas off of people to see if I have the right concept on this and to see if it even made sense. So any advice would help!