Subject To Advice Needed

[Louis Zameryka]

I found a home that I believe will be good for STR. It went under contract in about 3 days last month but now came back on the market.

The asking is $349k

It was purchased 2 years ago (Oct 2020) buy the current seller at $260k, they put a $245k 15 year mortgage on it. They quit their job in November this year and moved back to their home town with their husband and kids.

That’s all the info I have now.

Is this an opportunity to do a subject 2 deal and take what might be a low interest rate 15yr mortgage from a local credit union? If it seems like a good candidate for a subject to, how do I approach the realtor and ask? Also how should I structure my offer?

The home needs updating and at asking price it will not cash flow easily, so I’d like to get it at closer to the $260k they paid. Meaning they give me the current mortgage and get their down payment plus a little bit back.

I’m a complete newbie, any advice?