What strategy would you use on this property?

[George Cairncross]

I have a motivated seller who cannot afford to pay her mortgage anymore and will let it go into foreclosure if nothing is done.

The property has $730,000 in loans

They Owe $440k / 39% equity

The average sold in the neighborhood is $659k

Never had a seller like this and new to real estate investing. I am grateful for any advice you have to offer.

I was thinking Lease Option?