A Newbie wants a deal in New York City!

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I am significantly new to real estate investing. I came across a motivated seller over yesterday. The situation is as follow: (This is a three family home)

1) Seller has defaulted on his payments.

2) Seller's credit has dropped dramatically.

3) Seller wants out the house and is motivated to sell at a very low price he wants to pay the difference of what's owed to the bank 200k.

4) The property need serious rehabbing (Electrical, and maybe plumbing).

I really want to take a shot at this, but need a way to carry out/ structure this deal. I have little liquid cash to execute. Please Help! I am open to suggestions. I want to buy and hold. This is a 3 family home which are priced around 600k in New York City.