How to Buy Where Owner Doesn't Have Enough Equity

[David Flanders]

Good afternoon. The question here is: how do I buy a house under the following circumstances? Owner has a reverse mortgage of $190k. House is worth about $250-260k after rehab. That ARV isn't high enough to support the profit we'd be looking for after carrying costs, cost of rehab, etc. Owner can't sell for below $190k because she doesn't have the money to pay off the mortgage. Buying this house in the $170's would definitely make the deal work, or perhaps even in the low $180's. Any thoughts on how to make this deal work would be greatly appreciated?