Buying a house in Texas from a family friend

I am moving back to my hometown to reset after a difficult relationship and want to settle down there. I was planning on moving in with my family, and after talking to them they mentioned they had a family friend trying to sell a renovated home. The seller has a deep history with my family, and they work together in business often and trust one another. My parents didn't want the house, but they brought me up and the seller said he would help with the loan as a favor to my family. I also want to note that the seller buys, renovates, and sells houses frequently, so he is no stranger to this process.

I am going to talk to him directly next week for the first time to discuss the deal, and want to come prepared with questions to ask him, and red flags to look out for.

Thanks in advance.