Opportunity for a deal on a short sale, help guide me and funding

[Brandon McMullin]

My Girlfriends parents are renting a SFH, they received a letter stating that their house is going into foreclosure. which is telling me their landlord is not paying their mortgage..

I want to call their landlord and offer to buy the property off of them. 

I am 25 years old and just purchased my first rental property a couple months ago, a duplex, so my funds are a little low.

I just want to make sure I am prepared, so I call their landlord, offer to buy, then they contact their bank and ask if they can sell it to me for whatever the bank wants. ARV is 140k, lets say the bank will take 80k. next step would be finding a HML that will give me 80k to buy it, and then refinance the property with a bank? since the bank thinks I own it free and clear, they will give me 70% of the ARV so I can pay back the HML and boom I have the rental for very cheap.

Am I on the right track?