Buy foreclosure and lease to former owners?

[Melodee Lucido]

I've heard of similar situations but usually it was before the foreclosure.

I just got a call from a woman who owns other props but this one mil$$$ Santa Barbara prop was lost to bank when husband lost job. She wants me to find a l/o for her BUT her ideal sitch would be an investor that would buy this one back and lease it to her and her fam.

The glitch? She has 15k for a down and $3500 per mo for a lease. She's dreaming right? Don't beat me up here guys---I wasn't in the brilliant financier line when they were handing out brains : / BUT could she use her other props as collateral?

I know this is all speculative but just thought I would start gathering info that I will need in working with her. Should I just tell her to count her losses and let's find her a new home?

House isn't listed yet in mls. I'm gathering comps which are all over the place.

Any feedback welcome. I'll post any new details that come my way.

Thanks