THE BIG BURNED HOUSE DOWN THE STREET!! a deal or no?

[Anna Stratton]

  The house is less than 10 yo log cabin/Mountain home in a very nice neighborhood, surrounded by the beautiful smokey mountains  and valued over 300K before there was a partial fire about 3 yrs ago.  a large section, including the roof left a big "hole" in it.  I asked the owners about buying it and they responded with " $150,000 would be a fair price".   I don't have the cash to buy it and rehab it (no clue on what it would take to repair/rehab it at this point since i have not even walked through it).  i am very inexperienced with how to fund projects, but i know there must be a way.  I would think the owners are really eager to sell it or fix  and keep it since it is on the family farm with its own property deed.  i do not know if it is mortgaged.  Any cleaver ideas in which i could partner with the current owners and somebody's private money , so that we all profit in this? 

i have a few rudimentary thoughts:

1.  owner provides the burned property 2.  -i propose to fix the house using "'private money" , better yet,  a partner, and secure the funds (i don't really know how)

2.the house is repaired, value at 300K, the owner gets the 100K, i get the house for 100K, the private money lender get the repair loan and interest (100K?)

3.or the house is repaired , value 300K, the owner keeps the house and refinances it, I get 100K, and rehab loan of 100K gets paid back

***the elephant in the room is: Is it a good idea to work with a burned house to begin with and everything else is a moot point!

Please chime in with any ideas and help me think this out.