HELP: 100k Spread but don't know how to structure!

[Andy Wong]

So my father has a client who's is filing BK in Los Angeles, however they have a 4 bed 2 bath home and owe 192k to first lender and 110k to the second= 302k total owed. Comps show that the market value of the property is around 400k. Now, the property was going to go up for auction as short sale in a week or so but my father has postponed it to early November.

How do I go about profiting from this favorable spread? I was thinking of using a flex option to be allowed to market and then assign for 322k but now know that's not possible when working with lenders. Remember I'm a wholesaler, and don't have liquid cash, nor would I like to use hard money, but would it be smart to use a hard money loan to offer the 2 lenders of the property a lump sum payoff 25k less each? That would allow me to attain the property for 252k and I think lenders don't usually allow double closes so I'd have to wait 30 days after taking title and then flip to an end cash buyer for 300k-320k. Would this make sense? There is no rehab needed, the property is just in need of small cosmetic updates that would potentially boost the end buyer's sale price further.

Or would it be more of a pragmatic approach to simply use a bird dog contract with a cash buyer, granting that I receive a fee when- and if- the investor gets their offer accepted by the lenders and closes. How much would I charge as a bird dog fee with this big of a spread? (400k-252k= 148k spread!). AND how would I market/approach this bird dog agreement?

Are there any other ways I can structure this? Joint venture possibly? ALSO, the 2nd is a secure priority loan and if the homeowners chapter 13 filed last week doesn't get approved - which my father strongly believes won't- and switched to a ch.7, the 2nd lender will ask the court permission to sell the house, which most likely will be granted.

Can I do anything at all? Am I leaving out crucial details? Any advice welcome. Thanks.