Skinny Sub-2 deal in pre foreclosure

[John Lund]

I have a very skinny sub-2 - i would love some (constructive) feedback. I'm thinking the only exit strategies are long term lease/hold or sell on a wrap/lease option. The seller has no money to bring to the deal. It's going to auction Jan 4th.

The house is a 2014 build, 4-2-2 in pretty good shape. In Texas if that makes any difference with the lease option.

Please be gentle with me I'm a newbie.

Numbers:

Current MLS ARV: 310k

Balance on loan: 284k

Reinstate amt: 4.5k

Clean up/Repairs: 6k

I was told I could sell on a wrap for 5-10% more than mls, and get about 8-10% dwn pmt from new buyer.