Buying property from a family member in need to sell!

[Solomon Harewood]

Good day everyone.

I am a realtor/investor pretty new to the game here in the surrounding areas of Detroit, MI and I have a situation that I need help navigating. I have a cousin that lives out of state whose parents that live in Detroit passed away. They left an outdated 3 bed 1.5 bath house on the east side of Detroit. She was looking to sell it As-Is but she recently found out that her dad took out a 2nd mortgage that has about $30,000 left on it and a HELOC which left the house with no equity. The neighborhood is not bad, give or take a couple houses that aren't that great. Nevertheless, I ran some comps and if the house is fixed up, it could make some money. However, probate is suggesting she let the house go into foreclosure because she's not going to get any money out of the house. Although she's considering foreclosure, she really doesn't want to do if she had other options.

As an investor, I wouldn't mind purchasing the house and flipping it but not for the $30,000.  I would want to pay less than that.  What's a good solution where both my cousin and I would benefit?

Your help is greatly appreciated!

Harewood