Wholesaling a home that has a mortgage owed on it.

[Travis Thornton]

Hello all! I've been learning a lot from this site, and this is my first post. I was hoping to get some opinions on a potential deal I've come across. My market is Tulsa, Oklahoma. Theres a home near downtown in an area that has a bad reputation, but it really isn't that bad, I lived in the area myself for a couple years. This is an older home built in 1930 but surrounded by some newer well kept homes built in 2006-2007 that have sold in the $100,000 range. This home needs some work but is structurally sound. So heres the deal- The owner wants to get rid of it. He owes a mortgage company $12,000 on it. He tells me that he'd be happy to get $3,000 for it. I would flip it but my funds are tied up in a different deal at the moment. So, I figure I could potentially wholesale it. I estimate that with $5,000-$10,000 worth of fixing up it could sell for $42,000-$48,000. My thoughts are I could ideally find an investor to buy it for $17,500-$20,000. That way, the owner gets his $3,000, the mortgage co gets their $12,000, and I get anywhere from $2,500-$5,000. My questions are 1) Do you think the mortgage co would be willing to work with me on this type of thing? (They are an independent company) 2) Would this deal sound promising to you as an investor wanting to fix and flip?  Any thoughts, advice, opinions, concerns, are much appreciated! Thank you all in advance.