Without this workout, the down payment requirements, current levels of interest rates and cost of the transaction would not be incentivizing enough to for investment. 

The new buyer puts down 10% as the option fee, ($50,000 fee to our buyer) in this case, and we make the rate 10% to the new buyer for the monthly payment. 

The only item I would suggest is double check the payment terms of the your HELOC... in particular, can you pay interest only or are you required to pay a portion of principle each month on the amount utilized.

Quote from @Theresa Harris: For late payments, how late are they? 

Preforeclosure owner finance wrap, paid off the default payments and taxes with cash and assumed the owners loan.

I'd be seeking someone to fund the down payment of the deal and I would be responsible for property management/bringing in funds for initial renovations for a profit/split.

The payment is roughly $260 a month.

🎉 As we kick off 2025, I want to encourage all my fellow Americans stationed in Germany—or preparing to move here—to start thinking differently about your housing allowance.Did you know that your housing allowance could be more than just a rent payment?

Plus, I'd prefer to take baby steps before investing out of state where I could better afford a 25% down-payment.

This is eerily similar to the unsecured loans I've made and haven't seen a payment on in over two years.