Property with good rental income Big Island HI

[TJ Urban]

Hi Everyone. I currently found an owner who has been going through problems with their rental. Ok here's the deal. 

 So this property started with countrywide, transferred and transferred note. The homeowner is currently working with the current bank/investment company via modification which hasn't actually started yet. Probably towards the end of this year. 

Original loan amount- $480,000

Refinanced to- $692,000

Current bank wants- $792,000.00

Rental income currently- $7150

Possible rental income after Renov- $8900 based on current market rental rates

Reno estimates- $50,000

Is this possible to have an investor come in and purchase the note from the current bank at a lower buy out amount? Which will increase the cash flow from the rental? The property started in foreclosure but the owners say they're now working towards modification with the current bank. I'm thinking the current bank will take a low buy off amount in case homeowners file bankruptcy. 

 Any ideas or thoughts would be great