Owner Finance or Lease Option or something else? Savannah GA

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Good evening BP. So I have come across a property that may be a quick flip but the numbers are too tight for hard money to get it outright. I think the deal is solid and am trying to think of a better way to get into this place. I have heard of, but am not too familiar with, lease option or owner finance. Can someone break it down a little? 

Here is the macro version:

Owner wants to sell her property but it needs some cosmetic updates so if it is listed it will probably sit and she may not get out of her mortgage. Nothing crazy maybe about 5-7k but she is not wanting to, or can't afford any rehab on her own. She still owes 89k on the property. My estimated ARV would be in the neighborhood of 125k. I can come up with the rehab money but am not quite sure how to secure the property. She recently job transferred from Savannah to Florida and is paying on this house that is just sitting there so she is motivated. She had tenants in it for a little bit but they messed the place up a little and then just took off so she feels stuck.

Should I take over payments and leave the mortgage in her name? Then upon selling I would just pay her mortgage off and keep what is left? Maybe she would be willing to pay partial payments while I fix the house and list it (we haven't discussed that yet). What are the options of getting this place so I can help her sell and get out of a mortgage, minimal money upfront, and still have leftovers at the end to make it worth while?

Again, I think this could be a 1 week rehab with my contractors and, if it sells quickly (in and out in a month) could net about 10k which would definitely be worth it to me. Any help would be greatly appreciated. If there are some other options that I am not thinking of I would love some insight. I am still pretty new at this and am loving the steep learning curve. Thanks and Happy Thanksgiving!!

Rob

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Thanks for the reply! I went and spoke with her. I would've done this deal all day long but when I went thru there was a disaster of a pool in the back. Above ground with a rotted out deck. Also had pool pumps and the whole 9 yards. Would have been a decent deal but the cost of removing all of that properly would have been too much. Too many variables with too little wiggle room. Had to walk. Set her up with my realtor though so maybe he can sell it to someone that wants a low cost home that they can do the touch ups as they go and it will also relieve her of the mortgage. Thanks again!