Newb question: Seller loosing home to bank

[Andrew Prince]

Hi All,

My sister's co-worker is loosing her house to the bank. The homeowner would like to sell to my sister or another "nice family" rather than just hand the property over to the bank. She owes $300,000. Property is worth maybe 400,000 or 500,000 if fixed up and divided into 2 lots. $20-30K fix costs. My sister can possibly secure a personal loan at low interest.  Any advice on where to learn about how to pull off deals like this? We have conventional house loans and a fix and flip under our belts, but no experience with this kind of debt situation.

I'm excited to learn more and would greatly appreciate if anyone can point me in the right direction for resources.

Cheers,

Andrew