I have questions about buying my first home to flip
I’m 21 and me and my wife haven’t bought property yet.
My parents neighbor just passed away about a month ago and his wife is seriously considering moving in with her daughter 2 hours away due to her age.
The house is in a great neighborhood about 5-7 minutes from town and is still in the best school district in town. The house was built in 1973 and they have never remodeled this house or done work to it. The surrounding houses are valued in the 150-200k range and this house is right around 80k. It’s a 1250 square foot house so I’m guessing I could probably get around 130-140k if I put the work in to try to flip.
I’ve heard about the 70% rule but I’m curious as to when and how to go about giving her an offer on her house since she hasn’t completely decided to move in with her daughter.
And if I can get her to sell how much money should I put into renovations.