Just going over the recently sold homes on Zillow and other sites, i am seeing a lot of homes being purchased for 20-30 k and sold for 150k plus.

Basic, but functional faucet.Appliances ($3,500):Focus on essential replacements.Refrigerator: Energy-efficient model.Range: Standard electric or gas range.Dishwasher: Basic model.Consider deals, scratch-and-dent appliances.Lighting ($1,000):Recessed lighting in the ceiling.Under-cabinet lighting.Basic pendant lights over the island.Paint & Trim ($500):DIY painting.New baseboard.2.

start off with picture of the wife and kiddos and the reason why.. tug at the heart strings as everyone wants to spend more time with the kiddos . then it just progress's from there its a well honed presentation. 

@Hannah DiPasquale if you're going to spend time doing these, why not spend a bit more time to "reverse calculate" the purchase price need to hit your ROI goals?

Here’s how to approach it:Section 121 Exclusion: Because the property has been your primary residence for over two years, you and your spouse may exclude up to $500,000 of capital gains under IRC §121.

I just think they're seeing the house with rose colored glasses because it's been in their family for so long.I'm estimating $120k-$160k in renovations for medium grade finishes and keep it a SFH, so I'm thinking I'd offer around 190k and with that mortgage it probably wouldn't cash flow as a rental, so we'd probably live there and rent ours out (potentially as a mid-term) since our mortgage is pretty low.Another option is trying to work with a hard money lender, stay in our house, and either:- Spend more on rehab to turn theirs into a duplex (2 br/1 bath each). 

We have a 3x household income over the rent, with favorable references, rental history, landlord references, employment history & references, looking at how much money they have on hand & spending history via statements, as well as background, & criminal reports on top of credit. 

.* Long-term growth potential* Tax advantages (especially in retirement accounts or with tax-loss harvesting)**Cons:*** No cash flow unless you're dividend-focused* Market volatility: Stocks can drop 20–30%+ in corrections* Less control: You’re a passive participant vs. real estate where you can force appreciationReal Estate Investing – A Smart Supplement:Real estate, especially long-term rentals (LTRs) - could be an ideal complement to your brokerage accounts:* Monthly cash flow for lifestyle freedom* Tax benefits (depreciation, cost segregation, 1031 exchanges)* Appreciation and leverage options* More control over your investmentIf you want something more passive, turnkey rentals in the Midwest or Southeast are great entry points - low-maintenance, managed properties in cash-flowing markets with strong rental demand.You don’t have to choose just one path.

When I hear an inexperienced / unknowledgeable “newbie” espousing the “deals” he’s going to earn $100k on “flipping” or “wholesaling” (while they’re listed on MLS) I ask them exactly what “added value” they intend to bring to the transaction that would prompt a buyer to pay $100k over list price or a seller sell for $100k under market - and NOBODY I’ve asked has a clue….. 

I'd suggest finding something off market at a lower price point for a deal that size but if you're willing to spend that much on a 2-3 family, I'd use leverage from the other properties and get a small commercial deal, with a small commercial deal you also get a better chance of seller financing which may help you with your monthly cashflow.