Subject to and being underwater

[Drew Poniewaz]

I have a guy who is willing to let me take over 2 properties 'subject to' the existing financing. They are rented  out and he is just tired of dealing with tenants. The problem is that he owes more than market value on both properties. One is $100 below market rent, the other is $50 above market rent. I would want to get property management in as well to take care of the day to day. So total cash flow per month would be $60. So the deal is that I never want to pass on an opportunity but I am having a hard time finding the opportunity. I am hoping someone can shed some light on a creative way to take over these properties and make it work. If anyone has any ideas or proven strategies please let me know.