2 Yrs left on Mortgage - 44k

[NA Azul]

Hello Everyone,

I'm looking for some guidance from any seasoned investors, attorneys, lawyers, wholesalers, flippers, buy & hold, or any active forum members.

I am trying to find my first investment deal and what to make sure I'm going about things the best way possible and avoid any rookie mistakes. Any feedback would be appreciated!

Here's the deal: my mom's neighbor is abandoning her house on the 25th of this month & moving out of state. I immediately took this as an opportunity to find out what's going on. Per the homeowner here is the story.

-I have 2 years left on my mortgage

-There's about 44k left on the note

-I'm two months behind Oct 1st it'll be 3 months

-I claimed bankruptcy in 2011

-My loan mod wouldn't go thru

-I can't find a job that pays what I use to make in this state

-House needs a lot of work

With that being said, I asked if she'd add me to the house & have me take over payments and I'd handle repairs. No issues, didn't seem to want any compensation. Was leaving anyway, willing to do the favor.

I asked if there was a payoff amount & how much to get current. She wasn't sure, said she can find out. This was Saturday. I'm going to be following up shortly.

What I would like to do is call the lender on 3 way, find out what the note is & how much to get current. I also want to see if I can be added to access the account & get bill mailed to my house. But I don't wanna shoot myself in the foot if there's a smarter way of doing this.

I talked to a friend who said I should get a "lease to" option drafted & a power of attorney to make decision for the home. I added that I should get a quick claims deed as well in order to have rights to the property. Am I right?

Are these the 3 documents I should gather?

This is the information I've researched & come up with so far:

The city has assessed the home (btw it's a 2 bed 1 bath duplex) for $116

Zillow assesses it for $135

There's an identical duplex (needed no repairs) two houses down that sold for 83k in '98 & 80.5k in '12. Recently it sold, price unknown.

Rent-o-meter estimates $638 – $837

If I were to buy & hold this property I would make it section 8 ready.

Tax assessor says it sold for $143 in 2002 then $192,750 in 2004 to the current owners.

Record Deeds Info / aka Red Flags:

'05 Well Fargo Mortgage 207k

'05 Mortgage Discharge Mers Inc (3x)

06 Lien Municipal (City) 2.6k due

06 Wells Fargo Mortgage 228k till 11/2036

06 Wells Fargo 207k Released

08 US Bank National Assignment

'11 Intent to Foreclose (03/25/11 Auction Cancelled)

'11 228k US Bank National Citigroup Mortgage Loan

(Common sense is telling me they refi-ed about 30k a year after buying & I'm thinking in 3 years they couldn't have paid their mortgage down from 228 to 44k) but my real estate knowledge is limited. This is as far as I've gotten myself.

I am about to call city for more info on the lein, owed taxes, water & sewer companies as well for balances.

Any other suggestions?