Potential Wholesale Deal

[Thad Rush]

Hello All, I have a prospective seller looking to let go of his townhouse that he's been using as a rental property. Problem is the tenants haven't been paying their rent and the seller doesn't want to deal with them. As a direct result the seller hasn't been paying the mortgage either and he's about 3 to 4 months behind on payments. He's willing to sell for what's owed on the property but the margins are very tight. The townhouse needs a full gut renovation and there's only about $75K between what he owe's and the retail value. My thoughts are to get him under contract and market to an investor looking to buy & hold the property. But said investor would have to renovate the property first, at least marginally, before they got a new tenant. I don't see this as a fix & flip for an investor.  Am I analyzing the deal correctly?  Is this a doable strategy as a wholesaler?  Do you think investors would want to purchase a property like this?