Deal in Chattanooga / Need Partner/Assistance

[Alex Harris]

Hi BP,

I'm primarily a wholesaler and have a possible deal but am unsure of which option would be best for the situation. I'll describe it here. I got a lead in Chattanooga, TN the other day and made a cash offer. ARV is around $150k, I offered $90k to which she declined. She then stated she owed $120k on the mortgage and would agree to let me take over the mortgage for credit purposes and she would relocate. I stated I would be interested and will be getting authorization to speak with bank over next day or so. She is willing to pay another month's mortgage while we get everything setup with the transaction and would need 30 days to move anyways. Her mortgage is right at $1,000 per month (including taxes, insurance, etc) and the comp. rentals are going for $1000-$1100 per month.

My question is what would be the best thing to do with this property? Assign the note, lease option, or...?

I don't mind doing JV deals so if you are active in the Chattanooga, TN area, please message me. Thanks!