HELP! Out of State SFR

[Austin Faux]

Help!  I'm a brand new investor with no experience under my belt, though I've been studying real estate investing (hardcore) for the last year.

Situation: 
I am looking at a property in Springfield, Missouri that is owned by a friend of a friend.  This person has two mortgage payments and the carrying costs are really hurting her pocketbook.  She also has had her property on the market for about 5 months without one offer.  She's also trying to move to Florida for a job promotion that's contingent on her moving, and she says she can't move unless she gets the home paid off.  

Property:

Light Rehab is needed at around: $10,000. What's hurting it though is that it's the largest property in the neighborhood by about 600 sqft. She owes about $88,000 on the property and says she can't do a short sale due to FHA loan guidelines (I don't know much about short sales). Properties in the area are selling between $60,000 - $80,000 (via Zillow). She says she is okay with me taking over payments if need be, but her asking price is $88,000.

Offers:
I'm thinking of making a cash offer at around $44,320.  

I'm thinking of making a "take over payments" offer at $52,080. Her monthly payments are $850 at 6.5% but honestly I don't know if I can do anything with that. Rents in her area are about $650-ish.  

I would wholesale it since I have access to transactional funding, but I don't know anyone in the Springfield Missouri area.  What should my to-do list be?

Thanks,

Austin-

[John Kent]

@Austin Faux your to do list is simple:

Give her the option of a short sale or tell her that you aren't interested. If moving out of state for employment purposes she may qualify for a short sale while still being current on her mortgage. This is up to the loan servicer. 

Her problem is that she owes more on the property than it is worth. 

If you are taking over her payments at $52,000 then she would have to bring a significant amount of money to closing. If she is willing to do that then she could just lower her price.