Buying a property with low equity

[Tyler Gilman]

Hey BP,

Im looking at purchasing a investment propert and need some advice. Let me lay out the deal:

Currently the market for this home is around 80-85k. 

The owner purchased the property for 69k around 3 years ago and currently has about 5k in equity so owes about 64k. 

I was thinking of offering 10k to cover the equity then just taking over the mortgage. So i would be into the property for 74k and making a potential 6k upon purchase.

As this is someone we know we want to make it beneficial for both of us but I want to reach out tor to the community to get some opinions. 

Thanks