Need advice on how to buy mom's house

[Zach Wawrzyniak]

****DISCLAIMER: THIS IS NOT A REQUEST FOR FUNDING. PLEASE DO NOT RESPOND WITH FUNDING OFFERS, ONLY ADVICE****** Hello, I am going to lay all my cards on the table and see if anyone has any advice. My mother owns a property in the Houston suburbs (Richmond, TX). She bought it in 2005 or 2006 with an investment loan but decided to keep it then let her credit get awful, had a foreclosure, and now can't qualify for a refinance to a reasonable interest rate. She's throwing over a $1000/month in interest at a 30 yr mortgage that only has $137,000 left in principal. The house appraises for about $250,000. I want to buy it from her and rent it to her then "sell" it back to her at the end of the mortgage or whenever she can afford to pay it off outright since she now makes quite a bit of money. I've talked to banks about purchasing using a gift of equity as the down payment but none I've talked to have been willing to roll the closing costs (which should be minimal) into the loan. I also have run into trouble since I own two condos and they won't count the income from roommates as part of my monthly income even though I have leases with them. My housing expenses are essentially zero right now. I don't know if this is the right forum. What I do know is that any lender doing this deal would be practically guaranteed their money. The house has nearly 50% equity in a booming market, so even in the event of default the lender gets their money easily. Why is it so hard to find anyone interested in this deal? What words should I be using that I'm missing?