Options in this potential Flip

[Brian G.]

I'm relatively new to RE investing and am striving toward a career in flipping. I recently spoke with an elderly homeowner's son about his mother's house. He told me that she moved out to live with a relative and needs to sell the house quickly in order to avoid losing it.

The house, in it's current condition, isn't worth nearly as much as the outstanding loans and liens, so she's under water.

I'm looking at options I can present to her in order to help her that will also be profitable for me. So far I've come up with:

*Short Sale, which I know very little about. I rather doubt the bank would let the house go for what I can offer, but what do I know? Is there some generally accepted rule about how much a bank will accept, and how do I go about such a deal?

*Offering my MPP and letting her (or her family) bring enough to closing to make up the difference owed to the bank. What I can offer is only about half of what she owes. Have any of you had success with this kind of arrangement? How might I address this option to her and her family?

*Some sort of lease option, which I also know very little about.

Please give me any advice you are able.

Thanks