Buying our rental from current owner via subject 2...help?

[Sandra K Lance]

We have lived in our current rental 7+ years. We just found out the homeowner lost his main source of income recently. We moved in because they had an urgent need to move (job transfer out of state on short notice), so the usual new carpets, paint, minor repairs were not done.  We would like to purchase the home but conventional finance is not an option right now.  We are considering offering to buy using subject to, so as the owners on the title/deed we can make any & all repairs & upgrades.  Since we're just beginning our real estate investing venture, I've never done a subject to. 

Some of the early details I've gathered:

Home has an approximate ARV of $520K- $550K. The current equity in the home based on ARV above and no other mortgages is $200K.

It is held in a trust (husband and wife named).

Any suggestions on how to present this option to the owners? 

TIA