/biz/ - Business & Finance

I rent this kind of fucked up 70 year old house from my dad. It's on the east coast near a few military bases in a decentlly safe area, just to give an idea of things that would drive the price up. It's current estimate on Zillow i just under 250k (that may also be an inflated price). Some houses in the neighborhood are vauled up to 450k.

There are issues with unsafe wiring, cracked ceiling, insulation, mold, bugs, 40 year old windows etc the house definitely needs 10s of thousands of dollars of renovation. There's really no ceiling to a ballpark esitmate of how much that could cost but probably a minimum of $25k to address the most basic issues.

My dad offered to sell me the house for $50k. I haven't had a job in 7 years, dropped out of college twice in that time, and have lived off VA disability that is now around 1900 dollars a month. I have 40k to my name. Is there any way this is a bad idea? Can I get a mortgage for the full value of the house and use that to pay for reno?