Getting Creative on a Phoenix propety

[Matt McConkey]

Good Afternoon BP, 

I'm working on a lead right now and I think I've exhausted all the "normal" routes on monetizing this lead, so I was hoping someone with experience in the Phoenix market could assist on this one. 

House is a 3/2 in 82028
Owes around $243,000
rents for $1,250, but it should be around $1,500, from what I can see 

He wants to sell, but doesn't/can't lose any money. He bought at the HEIGHT of the market, circa June 2006, so he bought for 275k, home dropped way below, now he owes $243k. Homes in the area are selling for about what he owes.  

Can/are there any creative ways to make this a win/win that I'm just not seeing?