Purchasing a pre-foreclosed SFH before it gets to auction?

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Good evening all, have a situation I have yet to encounter in my 15 years of flipping. While out knocking on some doors, I randomly found a house that just so happens to be in pre-foreclosure status (about a month out from being auctioned off). The owner is about $16k behind and is “letting it go back to the bank.” I told him that there is still time to sell before that happens, but, I’m just not quite sure of the process I need to go through. He owes about $145k, has $16k in back payments and fees. After some VERY minor repairs (MAYBE $5k worth, mostly cosmetic) the house would be worth around $200k. I’m not looking to flip this one, as I’m leaning more towards rentals these days. I have plenty of down payment money, but I would need to finance the rest. I’m just not quite sure how to approach this situation. Can anyone help me out with this? Thanks