Help Me: Subject 2 Purchase a Home in Cumberland NJ

[Fabio Smith]

Hello Guys I am a newbie and I am getting involve into real estate  

I am searching for deal like all of us do , and I came a cross a deal on County of Cumberland NY 

 I need to know your thought on if it is good deal or bed deal 

Home is $50K market value 

Owner owes the bank 100k 

owner is behind mortgage  12k 

home owner wants me to give  them 3k to move out to NC 

the owner wants to do a short-sale however they put the property up for sale and only got 2 offers and none of the 2 went thru .. fall out 

my strategy is to offer a subject 2 .  I  will pay-off they amount they owe 11K + 3k move out and take over their payment $650 per month Mortgage

My Exit is :  Rent it out $1000 to $1200 per month ( 3 bedroom + 2baths) 

Sale it : as own finance ( Rent to Own Type)

Please tell me if i am in the right path .... 

Any Thoughts or Insights on this will be very helpful 

Thanks BP Friends

[Wayne Brooks]

Oh hell no!  You're going to be into a $50k property for $115k.  How do you think that will possibly work out well.  You think you can seller finance a $50k property for $120k to someone?