Subject To deal analysis

[Ben Roberts]

I'm in Memphis and typically look for wholesale deals.  I came across a deal too thin to wholesale but I think it would make a great Subject To (sub2) deal.

The current owner owes almost $50K, the house is worth around $52-$55K. She says that her monthly payment, PITI, is $494. Rents in the area, for this size home, run $800 to $850.

The owner can't afford to make the monthly payment so, in a rush, found someone who is paying only $600/mo.  The tenant is leaving next month and the owner is tired of being a landlord.

Does this sound like a good deal to anyone else?

What questions have I not asked/answered that I need to?

Having never done one of these before, what steps do I need to take to make this happen?

Any analysis/help would be GREATLY appreciated.

Ben