Can I structure a deal out of this situation?

[Luis A.]

I got a call from a homeowner that received one of the notes I leave in the mailbox of ugly houses in my target area.

The owner is exploring the possibility of selling but from the call I could not sense any urgency. These are some of the facts:

- Possible ARV right now of $140-160k depending on repairs which they say are "only a few" (remember I left the note because it looked ugly)

- This particular street has several rental properties

- There are comps. less than a mile away for about $140-$150k

- The subdivision has had a few foreclosures recently sell for $65-85k

- The owner owes about $40k on the mortgage(30 yr fixed) so there is equity here

I am interested in either rehabbing and selling right now or if the owner can finance me then lease purchase it or do a wrap mortgage.

I figure that depending on repairs if I wanted to flip I would have to get the property around $60-70k (cash deal)

I don't think they would consider that. So...do you see a way to structure a deal here?

Thanks for your help.