Options for getting this Rehab

[Johnny Ruiz]

I recently just gotten a new lead in Portsmouth RI and the seller is really committed. She wants to sell as fast as she can because she is going through hard times. The ARV is 950k-1.3 million. I estimate repairs to be 120k-150k and she owes roughly 600k on the home. In order for me to make this deal work I need to be at 480k or below. What steps should I take for me to get a deal at 480k if she owes 600k. I've heard of a short sale but I am inexperienced in getting a short sale deal going. What should I do?