So we found a place and the owner is motivated to sell! The property is a track home and requires around 50k in renovations. The properties around it are selling around 350-380 (this is California real estate). My questions are what price range would be a good deal to offer the owner (we have a sit down with the owner in a couple weeks) and what would be good things to take with us to the meeting (e.g paperwork). Also my gf is currently living at the property and renting from the owner. The property is 3 bed 2 bath approx 1300 square foot, backyard is a mess, inside is a mess but structurally good needs some love!
Look at the comps in the area and have contractors provide estimates for completing the rehab. Then you should be able to determine your max offer price.