Rental Property For Sale (buy proposal input needed)

[Mike Smith]

Hi,

I have three rental properties and my home. Pretty much fell into being a landlord (bought a house to live in, friend was selling his FSBO it was nicer I bought that and moved in, repeat a couple more times).

Given that I'm not a "dealer" of real estate - never really did anything besides smartly shop for personal mortgages and refi when appropriate. 

I do want to purchase one more rental and a co-worker has told me that they have a rental they want to get rid of.  Here is what I know: 

Zillow values it at 36K; 

Zillow recent neighborhood sale amounts validate the 36K. 

The place is in good shape.

They have a first mortgage on the property for about 88K.

They have a second for about 11K.

They were charging $700 per month in rent ( tenant just moved out).

They are planning on contacting a Realtor to sell the place.

They seem motivated to sell - fed up with it - want it out of their hair.  Obviously very upside down.  

I'm certainly not going to assume any mortgages or do anything where I'm paying more than the 36K + or - so my question is does anyone have any creative ideas on what type of proposal I could bring them besides I'll pay you 36K?   Maybe there isn't anything else - just curious for some input.  As I said I haven't really done any deals.

I have a couple goals... 1) want income 2) want it paid off as soon as possible

Thanks