how would you buy this?

[Scott R.]

dont know where to put this, and i know there may be a couple ways so lease expess all. I was thinking, its pretty tough to find homes where im from that are not an REO or shortsale but there are some. Some need a little work but here is a scenario.

You see an ad for a home at $200k that has been all remodeled and looks great. the owner owes $198K so he cant sell with an agent. Your looking for a place to buy and make some quick cash and this is what you come across. Isn't there a way to buy no equity?

i know there is a due on sale clause and banks dont genrally act on this but they can when you do a LC, or a wrap. Could you in anyway buy and leave it in the owners name, contract it out to someone who can afford the payments no problem, just cant get a loan but will pay you $10K if he can take over the land contract?