I Need Help handling a possible Acquisition of a Property

[Bob Mastroianni]

Hi Fellow BPer's,

I need some assistance/advice on a possible acquisition of a property. The scenario is this. A couple purchased their home a little over 2 years ago. It was their first home & they purchased it with FHA Financing. Purchase price was $150,000. Here they are a little more than 2 years into the home & they just can't make it work. Their financial situation changed and they are struggling to keep the house. They came to me for help & basically just want to be able to get out of the home & move on with their lives. I want to help & I also know that there is potential in the property for growth. Comps right now are showing that the property could probably sell for around $180,000 - $190,000. And rents in the area are about $1,300 - $1,500 (would clear around $400 - $600/mo). I am looking to acquire the property for the least amount of money out-of-pocket possible.

I considered assuming the FHA Loan, but it is my understanding that in order to assume an FHA Loan, I would need to live in the property (FHA Guidelines). That's not possible for me. Is there any other was to assume the loan from FHA.

Other options that I have considered:

 - Could I gain a position on the title, pay the mortgage for a few months (6 - 9) until I have seasoning on the mortgage and refinance it? (Is so, how would I do that)

 - Based on the value vs. comps, is there a way that I could buy it for $150,000 with no money down as an investment?

I would appreciate any help and info that you could provide.

Thanks, 

Bob