Mortgage Wrap question?

[James McClincy]

A friend gave me a lead on a property.  Basically an older lady became cat lady and hoarder lady.  Family finally moved mom out of the house and they are looking to sell.  I haven't seen the house yet but from what I gather it's worth about 100k and she owes 146k.  The mother doesn't have cash to come to the table and I was thinking a wrap around the existing mortgage.  

Home needs new kitchen cabinets, floors throughout, paint, etc. I'll know more once I go through but I'm imagining 40k in work. The home would be worth about 180k when done. Rents in the area are about 1250-1400 for similar properties. She must have an ARM cause the payment is only about $600 per month right now. This house is in Myrtle Beach SC btw.

I've bought and renovated plenty of houses over the years but have never done a wrap and not even sure if people still do them?  I remember after the crash people were doing them all the time.