Owner paid too much can I help cut his losses?

[Kalen Mills]

I met with a FSBO today who bought a property for 90 k a year ago that needs 80 k in rehab, but most of the comps are at 150k. Owner can't afford the full rehab. A business partner recommended splitting rehab costs with owner and splitting the profits. With only 40k in we could get a good ROI and owner won't lose as much money. As it stands now I don't know who would buy this for more than 20-30k. Any suggestions on creative ways to make this property work?