My First Subject 2
I'm meeting with the sellers tommorrow to further discuss them Deeding me their house. They are very motivated because they have two houses and two mortgages. There's no question I will receive the deed w/o any of my own money, at least not until April when I will begin the payments. By that time I should have wholesaled it or retailed it. This house could receive a historical designation. Its 121 years old but fully upgraded ! Whats the significance, if any. 
Hey a historical marker would be a neet selling feature. here in Texas you get a plack of the state with the story behind it in bronze. Could ad value.
What are the numbers on this deal?
[addsig]
It appraises at $140,000. Pay-off is 120,000.
I would be concerned with the true value. All houses have a range of value since value is subjective. Apprasials typically appraise at the high end since thats what the average person wants them to do. For a quick sale, however, you should price your home at the low end of the market. If you can get the home sub2, you might have a good deal but depending on what your exit strategy is, it might not leave you any profit.
You may know all this but thought I would point it out as this is a classic newbie mistake that cost me $25k on my first project.
Yeah. I have given it alot of thought. The market value in this rural area (within a 2mile radius) ranges from 89,000 to 143,000. The number are tighter than what I would prefer, but the exit strategy would be 1st to quickly wholesale it to another investor / rehabber or 2nd, option it to a buyer, get a down payment, and seller finance the difference for greater than payment on the original loan. The good thing is I'ver greated some time in the deal. Also, the sellers couldn't be more grateful !
Sounds like you are on track, though I'm just a little concerned when you list "the sellers couldn't be more grateful" as a reason for the deal's success. It's great that they're pleased, but money in the bank generally beats warm fuzzy accolades from happy sellers any day of the week...unless spreading happiness is your goal...
This property does not sound like it will "flip" especially a re-habber as you say.
What kind of work does it need?
This deal would not even make 8k after sale comisson. Think this one out further
[addsig]
All good comments. As I said, Its a tight investment, but workable. Not everyone would consider this. And its not done yet. I will inspect this "classic" old home. There are buyers here who just can't wait to buy a piece of history. One last thing. If you don't come away from a deal with the sellers interest in mind, I suggest doing something else.