Wholesaling Sub2 Property

[Michael Pruitt]

Hey everyone, 

After countless frustrating hours creating self-made yellow letters, I've successfully completed my first self-managed direct mailing campaign targeting tax delinquent absentee owners. I'm very pleased to share that I've gotten a significant response. I've noticed a bit of a trend however, probably because of the area I targeted, a lot of these owners have very low equity in their properties. Here's a good example: 

Owner owes $120,000.00 

ARV is $150,000.00

Property has tenant, monthly revenue from property yet to be reported, but is apparently reliable. 

Property condition is good, with minimal need for repair (to date.) 

My sense is this property, with closing costs and my fee leaves little room for sparkle to attract buyers. So I'm looking at what this deal could look like as a Sub2 deal.

I've never done it before, but I understand it's possible to wholesale a deal structured as a Sub2, and I'm wondering how that's done; using this example above, or any other.

I'd appreciate any helpful insight! Thanks in advance.