Suggestions on creative financing

[Jourdan Mercer]

Potential First Property!!! Advice please...

I'm a new investor looking for my first property. I'm trying to find waterfront, brrrr properties in cape cod that I can airbnb. I found a perfect place.

However, there are a few hurdles I'm trying to figure out.

- Owner passed away a few years ago

- Left to 2 family members who have not been paying the mortgage.

- There are about $85,000 in arrears

- There's about $375,000 ish left on the mortgage

- The current mortgage is an adjustable rate which is 2.5% for two more years then jumps up to 10. I could refinance before that.

- All In total of the property, arrears, mortgage, fees, etc is $515,000

- I can only get approved for about $300,000.  Trying different lenders.

- I only have $30,000 to bring to the table

- The owners could be on board with doing a hybrid of seller financing and sub to.

- The income from doing airbnb will be 2-3 x the mortgage, conservatively and will pay for the place by itself.

- The property is in really good shape.  It could use a few basic things, updated landscaping, some interior trim, nothing out of the ordinary.  I'm a GC and can handle all the updating it needs.

I've heard good things about myinvestorloan.com and I'm going to try them and see what they have to say.

My biggest issues are that the bank is calling in on the arrears or they're going to start foreclosure and they want that paid and I can't get qualified for the loan by myself with all the lenders that I've tried so far.

I know there is the "Morby Method", but I don't understand that, yet.

I could use my VA loan option, but would need to find a co-signer or a private lender. I don't know who would be able to help me with either of those at the moment.

Does anyone have any suggestions on how I should go about handling this?

I know there's a few issues to deal with. But if I can figure them out and make this work this property will be totally worth it.

Thank you