found a MT preforeclosure

[Brian Patience]

Have a friend that has a vacant house next door. Owned by a divorced couple. Contacted the owners and they are willing to talk. I'm assuming I should find out what he owes and how long he hasn't paid. After that should I contact the Bank and see if they are willing to work out something? The house needs a lot of help and the neighborhood is nice. See some great potential! What should I do next? I'm a newb :)

Ideally I'd like to get the house, fix it up, and rent it.

Thanks for your help!!!