Subject to or straight wholesale deal?

[Elaine Lau]

I am looking for advice on how to structure this possible deal.  Here are the numbers:

ARV: $690k

Loan Balance: $320k with 1st position loan $220k and 2nd position loan is $136k. This is a preforeclosure home with a NOD $8,600. Equity is about $370k

 I am thinking of purchasing this property myself doing a subject to or wholesale it.  Is it true that I can negotiate with the second lien holder?  If so, do I need an agent to do that or can I negotiate it myself?  How would you guys structure this deal?