Is this a feasible wholesale-able deal? Wholesale - Newbie

[Minh Lai]

Hello! I received my 1st call back via direct mail! 

Here are my rough estimates
ARV: 150k
70% = 105k
Repairs: 10k* (I actually have no idea, I'm going to check it out in person on Tuesday. He mentioned nothing major at all, all cosmetics.)
Fee = 5k

105-10-5 = 90k

The issue is that he has 2 mortgages, 1st for 92k (behind by 12k? I need to clarify) and 2nd for 20k. That's a total of 112k.

Even if he accepted the offer for 90k is this a feasible deal for investors? 

What should I do in this situation?  

[Justin Fernandez]

You'll need to get the mortgage current to do a lease option or else risk the foreclosure, you'll need to know about process for your state.  

Lease option is viable if the condition is tenant ready which doesn't sound appropriate, but if he still lives in the place, when does he plan to move? Are you going to assist him moving knowing he's about 12K behind? What are your other exit strategies?  

Can you keep this guy from getting foreclosed on if you're still researching how to do a short sale?

This is someone's life that you're "learning" on.  I'm not saying you're responsible for how he got there, but are you improving his situation or just yours?