Help with possible deal

[Dominick Miller]

Is there potential in this deal for the owner of this property as well as for myself to make a any profit. The property has 1 original owner whom is the current owner 2 levels the upstaris has a loft with 3 bedrooms. The lower level has 1 guest bedroom 2 sitting areas, dinning area , kitchen , laudryroom . The home has 2 full bathrooms in addition to the Master bedroom with a full master bath w/spa tub. The owner is elderly with front end mortgage principal balance of $140.5k and a ballon payment at the end term of the mortgage of $62.8k.  The financing at this time out wieghs the value of the home. I am new to the Real Estate business and want to assist a family friend with the best option. What options can i offer if any?