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Short sell offer from a close family friend

I recently recieved an offer from a friend that is 3 months behind on her morgage payments to transfer the home over to me since she can no longer keep up with her monthly balance. The value of the house that she bought it at is around $320,000 and located in a nice area with no HOA. The current market value of the house according to zillow is $380,000-$460,000. The current balance that she owes for the morgage is $275,000 but she is also asking for a $40,000. I have went to go look at the house and it is pretty well taken care of, the paint has just been redone, the only thing needing work is replacing most of the carpet and an AC unit is down so the projected rennovation cost should be no more than $15,000. Not sure how the process works since this will be my first home purchase (not sure if it's even possible) but an appointment is set to speak to her lender to see if that balance can transfer over to me so I can take ownership of the house. I have $20,000 cash and my parents are planning on helping me with the rest, since I probably won't be approved for the home loan if I take out another loan for the rest of down payment. Is fixing up the house and selling it for profit a smart course of action? Again I'm new to all of this so any tips will be greatly appreciated! Thanks!

submitted by /u/Ulisses_Jr_C
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source https://www.reddit.com/r/RealEstate/comments/1b7u383/short_sell_offer_from_a_close_family_friend/
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