Pre-Foreclosure Strategy - Distressed Single Family- Buy & Hold

[Ernesto Duran]

Question for the group:  What will be your strategy in this case, if it exist?  Property for sale for $150K (single-family), but the property is pretty distressed.   The comps are roughly $160k-$175k for an updated property.  The estimations of rehab are $80K+.  The plan for the property is to hold as a rental.  Simply, I wouldn't want to purchase for more than $50K.   The owner is in pre-foreclosure and owes about $100K to the bank.   How would you acquire this property ensuring you have instant equity with the potential of decent cash flow?