Approaching owner of in risk of foreclosure home

[Carrie Pledger]

I have noticed a house that was on the MLS last year and before and then on Craigslist as FSBO. It has also been listed for trustee's sale multiple times in the past couple of years. The owner must be keeping it somehow because it doesn't actually auction on the listed date. It seems in good condition from the photos - at least not bad. The owner is absentee. The house was sold to her for 116, has an assessment of 169, and rents for 850 (780 sq ft, SFH 2bed 1full 1half bath near large employer and college). It looks like she still owes 116. I was thinking of sending a handwritten postcard saying I am interested in that neighborhood and saw her house for sale previously. If she is still interested in selling I would like to see the house. Here is one of the issues, I don't have reserves for a bank loan so I thought an owner finance with 10-30% down might be a good opportunity for her to still make money and also give me the chance to get the house. She has probably had other people contact her too. Any suggestions?