New Opportunity for a new investor

[Cliff Ridge]

I found a river front property in Pre-Forclosure for $197,500.  Current mortgage is $1000.  I don't know how long or how much equity.  This would be a great AB&B or long term rental.  I am so green, but I see this as an opportunity to possibly take over the mortgage if there is a decent amount of equity.  Not sure if it is at the point I can work with the owner or take over the mortgage with the bank.  I may be off track.  I am reading as much as I can, but don't know if this might be over my head for the first deal.  Maybe a wholesale opportunity?  Comps are difficult since single family homes are so diverse mixed with vacation properties on this river.  We are also going into the winter, so probably not a lot of vacation rentals for awhile.  Please advise.