Hi Morris LucasNo Equity or Under 10% is a Sub2 deal or a Lease Option Assignment - Sandwich Deal or a Contract for DeedUnderwater or Less than 0% is usually a Short Sale, could be a Lease Option Assignment for the right circumstances - perfect house, long term lease option, say 5 - 10 years.

Well,the interior looks lovely but,the exterior paint is wrong and it sticks out like a sore thumb.Something darker that goes with the two much taller buildings you're sandwiched between would have been better.You made some mistakes that are going to cost you like they did me too.First,you decorated the interior to please yourself as if you were going to live there,not good.Way ,way,too expensive for the neighborhood.No one is going to pay you tens of thousands extra for having nice taste in fixtures and finishes.You are also surrounded by multi family rental properties instead of lovely single family homes which is where your place belongs if you could magically move it.Honestly,you missed a golden opportunity to make some good money by not just gutting but hiring an architect and redesigning it into a triplex or quad.A good landlord business would have paid you a handsome profit for a modern designed quad with affordable and nice fixtures.Your initial asking price was way too high and the real estate agent should have talked you out of it.Now you have 161 shoppers on Zillow with only a few of them real buyers waiting you out to see how low will you go.Their buyer's agents are sensing the desperation and waiting to drop the hammer on you.I went through this same terrible thing just recently and lost 85k when the bloodbath finally was over.I am afraid you need to prepare yourself for the same thing.If I am wrong about the address,pay me no mind and good luck to you.

The owner owes 174k and pays about 1700 a month for PITI and utilities (including electricity, the association fee and heat fuel) and is selling it for that much OR with 4k down they will provide financing for up to a year after which they expect to be cashed out. as far as the subject to they are not looking to do anything like that. i was informed that if the property isn't sold by march they will short sell it, so my guess is that while they aren't necessarily hurting for the money, they don't want it tied up for an extended amount of time. for me this situation screams for a sandwich lease, as i will be flipping it to an end buyer within the next week, but if anyone has a better idea, i'm open to suggestions.The second property is trickier.

As to flipping on an HML, that could be as safe as trying to eat a chicken sandwich in an aligator pit, you may get eatten.

I see the potential there - especially if you can wrangle in a lease-option sandwich of sorts.

Unless you happen to have the misfortune of being sandwiched between 2 houses owned by people who are in the middle of a foreclosure limbo and maybe no longer care about maintaining their property so you have to stare at their deteriorating houses every morning when you go to work.

SIP Panels are Structural Insulated Panels using Foam as the Insulation sandwiched between the exterior and interior walls. 

So how does the sandwich option work? 

You are looking for the potential equity NOTHING ELSE AT THIS TIME.We than want to control the property - send them an offer by email - once it is return - we than do our evaluation - talk to agents - get comps - send someone there to confirm that our offer is at a price that will make us money.If we feel our offer is too high - we than go into second stage negotiation to reduce the price to a number that will be acceptable to our profit expectation.Dealing with real estate that is many miles from our home base is a challenge with lots of moving parts, if done right the income is there for the taking.Things you need to be successful; limited power of attorney, detailed cover letter explaining your process, full disclosures and personal bio, a  proper "skinny contract of sale" and clauses giving you time to assign the offer and in some cases a JV or a sandwich lease agreement.It really is a great system when you are in a position to work many leads.Please let me know if this information was helpful - Charles

@Tedroy Johnson Are you needing to do a wet double, a dry double, an assignment, a sub-to, a sandwich lease....?