Rental property creative finance - PLEASE HELP :)

[Kammarie Davis]

What's up BP!! This is my first time posting on this forum. I am extremely new to the world of RE investing. Like infant newborn baby new, so please excuse the format of the post. HERE IS MY DILEMA

My co-worker is selling her home, it has been vacant for about 4 months. She has fallen on hard times, has been unable to sell her home, and can no longer afford her mortgage, which is about $850. She owes $119,000 on the mortgage and is asking $149,000. 1 house on her street almost identical layout sold for 142,000 in 2021. Another sold for 162,000 in June of 2022. Of course we are no longer in the same market and I intend to negotiate on the price. But the FINANCING is my concern. Rents around the area range from 1.6-2k. (From what I'm told the house doesn't need any repairs, or if any very light)

1. I've watched videos on SUB2. This option interests me because her loan is locked at 3.5% interest rate. I could make the payments while building her credit. Win-win. OBSTACLE - she has several missed/late payments in the past 3 months, and she wants to buy a house with her husband sometime in the spring on 2023, and I doubt a lendor will work with her given her history. She has already told me that her real estate agent will be against this option as well. She is also expecting to close the deal and pocket around 5k at closing.

2. The house is 3 hours away from my life here in Atlanta, and I am unable to move... Which to my understanding leaves Cash or Conventional. I don't have cash for a down payment nor do I have immediate funds for closing costs. 

How can I make this work?

Is there a lease to own - short term sub 2 hybrid kind of situation that I could work up? Is there such a contract where I could take over the payments, and buy time until I can raise the funds to buy the house in my own name or find another buyer? And how will I be protected for the money I've paid? And if so can I rent it out in the meantime for like 6 months If a medium/short term rental is allowed in the area?

Should I partner with someone who has the finances, and work out terms? Again, I cant move there, but I'm willing to be a boots on the ground partner/landlord available to make the drive when needed. 

I apologize that this is all over the place. Not only am I swiftly conducting this post while at my W2, I also haven't been researching/learning for very long... but long enough to know that where there's a will there's a way. 

Any advice?