Subject 2 WOULD YOU DO IT?

[Larry Smith]

Hey BP!

So a couple days ago I go a call on a craigslist add that I posted. 

The guy has a home in Toledo, Oh that he can't take care of because he lives in FL. 

Info on home

4 bed 1 1/2 bath

2 car garage

Roof- needs replaced

kitchen- some updating

carpet- needs replaced

water heater- 20 years old. probs needs replaced

I figures 15-19k in repairs

The homes in this area are selling for 50k-60k. He owes 40k on the home and just wants to get out of it. He is currently renting it out for 800/month but could charge 850-900/ month

I realize  that a cash offer wouldn't be great because I am way bellow how much he owes.

I was thinking I could Subject 2 the homes and just service his mortgage payment but I don't know if it is worth it or not because of how much repair the home needs before it it rent ready.

BP WOULD YOU DO IT? 

Side note- SUbject 2 is like a land contract but instead you get the deed at closing instead of after mortgage pay down