How would you approach this deal?

[Peter Parisey]

Hey Biggerpockets!

I originally posted this question in the foreclosures section but it didn't get any traction. So I am pasting it here in hopes of getting tou help.

 Okay guys I'm new on here and I'm asking for anyone's help on how they might approach this deal.

My uncle has a neighbor who is letting her home go to foreclosure. She hasn't made payments in 3 months. And she is willing to sell it to him for only what she owes. She wants to get out and move in with her mother.

She owes somewhere in the 80k range. Comps are roughly 160k range. My father and I are considering flipping the home but it needs some work first. Shes a hoarder and the place will need to be cleared out and new flooring, sheet rock and possibly sub flooring if it's as bad as I hear.

We don't want to get a mortgage for it because we don't want to hold onto it for long. Do we get it subject-to? Fix it up, sell it, pay her mortgage off and keep the difference? How do we use the equity in the home to pay for the rehab? We really prefer not to pay for rehab upfront out of pocket.

Any and all help will be greatly appreciated!  

Thank you.