Is there a deal to be had here? If so, how?

[Henrik Frank]

A unit in my complex (Townhome, 3bdrm, 3bath, app. 1700sqft in Newport Beach, CA) received NOD on 10/14/08 for the amount of $5121. The loan was orginally made for $434K back in 2003 (I don't know what the balance is today). My best guess as to the value of the unit in today's market would be a minimum $550K (3 similar units have sold for between $550K and $650K in the last 3 months). I don't know the inside condition of the unit (they were built in 1973 and some a very dated - others have been fixed up very nicely). The unit has plantation shutters all around (which is usually a sign that it has been kept up well or upgraded since those are $$$).
Is there a possible deal to be had here? If so, which approach to take? Wholesale? Rehab? Subject to?

I'm very capable of doing a full rehab of the unit (if necessary) - I know the details quite well from doing my own unit.

Would anyone more experienced be willing to do a JV as a teaching experience for me and split the profits?