Buying a note instead of a house, please advise.

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I got a house under contract to buy sub2 in San Antonio TX, the seller is behind about 3 k. She says that she owes around 43-45 k and (the tax appraisal is 74k) she just wants out and has already found somewhere else to live. I asked to see her loan info and she said the former owner had financed the property for her and gave me the the number to the loan holder. I called the loan holder and the lady speaks Spanish mainly and wanted me to call back with an interpreter, which I'm not sure who to use just yet. I was thinking that maybe I should just try to buy the note at a discount and have the owner deed me the house and I could wholesale the deal or keep it once I got a discount on the note. The house needs a good bit of work so the note holder may just want to get some money and forget collections or fixing the house.

I have not bought a note before or put a deal like this together.

Please advise :)