fix/ flip, subject to, property mgmt- what to do?

[Alex Verdugo]

So I have a friend in an interesting situation. She has a SFH, 4/2, large backyard, corner lot with a morgage of about $110k. The home need a lot of rehab inside, landscaping and fence repair. She will be moving in the next few months out of state. she is not sure whether or not she wants to sell or possible rent out the home. Some of the options Ive considered:

I could become the property manager, rent out the home and send her the rent every month. The home would have to have the repairs made first in order to make it rentable. I would have her take out a HELOC in order to make the repairs and help give her some extra equity. I figure this way she doesnt loose the house, her morgage is still paid each month and when she decides to move back to town, she can move back into her own home (which hopefully will be completely paid off by then.)

Another option would be to take over the property with a subject to option.  Then I would basically do the same plan as above only I would collect rent and not just a property management fee. 

I could always fix and flip, get her some cash, do the fix (which would be my first) and then make a chunk of change for myself. Obviously this would be the best option for myself but I have know this woman for over 20 years.  I definitely dont want her to feel like Im making a ton of money off her house.

Are there any other options that I havent thought of that could be more beneficial for everyone?