Do you think there is a way to work this deal

[Adam Anderson]

I attended a investor club last night and was talking to an investor about a deal he was working on. Here is the details as best I can remember.

Vacant 3 bed 2 bath home with a  $86,000 1st Mortgage that hasn't been paid in 18 months. Payments of $700 a month.

$20,000 lien on the property that the lien holder has agreed to settle for $3,000

After repair value of $135,000

Repair Estimate of $25,000

Houses could rent for 2,200 or more.

I am working on rebuilding my credit. Currently have a 610 credit score that is slowly going up. My wife has just started  a small business an have little for a down payment right now.

Is there a way to structure this as a lease option? Come up with and pay the $3000 to satisfy the lien, negotiate with the bank to move missed payments to end of mortgage and take over the payments, and structure something with the wholesaler to pay him his $5,000 wholesaling fee when we close in 1-2 years or come up with some kind of financing deal.

I should add the idea would be to move out of the house we are renting for $2,400 an live in and fix this house. Any Thoughts?