Possible Deal?

[Eric Taylor]

Hi, I recently met with a distressed landlord. She is highly motivated to "get the house out of her hands". The house is ready for move in, it has new carpet and paint. Her house is listed at 100,000 but I believe the ARV to be at 90,000. She owes 78,000. The house is in a nice neighborhood with an elementary, junior high, and high school close by.

I thought about doing a subject to contract with her. Offering her a 3,000 note when I sell the house. One problem is she borrowed 90,000 on a 15 year note so the monthly payments are high. I would probably have to rent or lease to own without a positive cash flow.

I'm leaning towards leaving the deal alone but thought I would ask the advice of the experts.