Subject to or if you don't want to take the risk, just lease option with the right to sublease.BUT, let me ask you a question: how can there be a LOAN MOD if the mortgage is NOT behind?

and then I created a flip book of the RE broker's actuals (underestimated) versus my modifications to get buy-in (high return on investment). 

Conversely, if one's focus is rehabbing/flipping is it vital to be available during more traditional "business hours" to visit your projects, and work more quickly with industry professionals (contractors, lenders, etc...) 

By the time we get it hooked up and make some modifications, we expect to be all in for about $32K.We’ve opened a new wedding venue and plan to use the new house (about 400 sq. ft.) as the bridal cottage, but we’ll AirBnB it when there are no weddings.

She still prefers to sell the property, and we will help her to do so, but it is vital that real estate portfolios be adequately assessed and ALL potentialities explored for full due diligence of related professionals to ensure that are planning and performing as efficiently as possible in the client's best interest. 

Forgo the 50k and instead sign the loan modification contract and wait the 3 months it would take to be eligible for a cash out refi…..this would take the extra 50k of equity out of the equitation though  Or3.

If there is a hardship, then owner must first participate in HAMP (loan mod), If that doesn't work the HAFA guidlines are used for either a short sale and/or Deed in Lieu.

About a year ago I had a few clients that were in balloon payments and that was the only way the bank would consider a loan modification with a traditional 30 yr fixed loan.After going 90 days late they got the loan modified cut the payment by a third and they lost about 150 points but they didn't lose their home.So I guess it all depends on the circumstance.But I cant see throwing away my credit history

@Delon Hall and @Tammy Vitale what type of experience have you had with Lima One?

The incredient that you bring is vital.