Thoughts to Help Pick Up Investment Deal

[Michael Arrieta]

Hi folks, wondering if you all could help me piece this together.

I've never done a real estate investment deal before, but a friend of mine is selling her out-of-state rental property and I would really love to buy it for the cashflow. 

It's a good home out-of-state in Indiana that she's been renting out for $1100-$1200. She just listed it with her realtor asking $155,000 and owes about $100,000. She's selling it because she's been frustrated with her property manager not sending her the rent payments. It's been a headache for her and wants to get rid of it, though has equity.

I don't know that I'd qualify for a mortgage myself since I've only been in my job for a year. I don't have any debt but as a Loan Officer I'm only earning a very small base salary. I also don't have the 20% down payment. 

The property is in good condition and built in 2003. It just needs some new carpet and a better property manager. 

Assuming she agrees - does a Subject-To make sense in this scenario? Lease/Option? Or do I need to buy it outright with some sort of private financing/borrowing credit, etc. Any other ideas on how I could pick up the deal?

Thanks in advance