Sub to deals are risky for the buyer and typically provide little to no value for the seller. 

Quote from @Torianne Baley: Hi George,Do you mind sharing the lender you found who accepts the 500 credit score and will loan $300k There are lenders out there but the risk is very high so your rate will be 13-15% plus the loan to value will most likely need to be less than 60% (or even 50%).

Risky too compared to just holding stocks or bonds.I'm not even worth that much money so I have to ask the more experienced and successful investors on this forum: what keeps you going?

If it can't, then don't consider it.I see yeah definitely risky most likely won’t go this route but will keep that in mind.Thank you for your advice! 

What I don't like about it personally - this seems like a very risky move.

To answer your question condos are better if they allow it but if you want to hop right in it with less risk I would go for a house or multi family deal.

Illegal offering of investments, especially to investors for which the investment risk is "inappropriate" is an ongoing serious matter; as is outright fraud on the part of sponsors. 

Risk is too high - $85k rehab is more than lipstick.  

The fact they ask you to do this is not only a red flag for obvious reasons, but also because, they should know better how risky this is for you and if they had true good intentions they would have understood that and not offer you that option.What you can do is tell them..

For example, if you have no experience in land development - that is extremely complex and risky compared to owning NNN rentals.