Stumbled upon Motivated Seller, Now what to do?

[Tyler Hull]

Hey BP,

I have stumbled upon a family friend who is about to lose their house to the bank. I know that they owe 58k on the house and I would guess it is worth somewhere between 90-120k. I have no properties but long term would look to go into buy and hold. However, this house is outside of where I am looking to do buy and hold (pretty rural area). 

I imagine this has to be a great deal but I am not sure what to do. Does anyone have any advice on what to do. I realize this is very time sensative so I am trying to come up with a plan quick. 

My thought would be to try and either try and take over their financing or offer them 60-62 for the house so they have a reason to walk away. But I do not know what to do after that.

Any help would be greatly appreciated.

Thanks,

Tyler