Bank Foreclosure on Friends Property- Should I buy?

[Jeannamarie Shepphard]

Hey Folks, 

Need feedback. We have a dear friend that passed away 6mos ago. Her family cannot afford to take over payments or refi. Balance is only 178k. It's a 4bdrm/3bath just outside of New Orleans. Can I approach the bank to purchase? Then plan to rent out (several hospitals nearby and would make a good short-term rental.) It's just been updated with paint, new flooring, cabinets appliances, so there would not be much work to ready it for rent. Thoughts? Suggestions? 

[Chris Seveney]

@Jeannamarie Shepphard

Why not have them sell it at market value? The way you wrote this sounds like you want to just payoff the loan and stiff your friends family out of the equity in the home