If you’re an experienced real estate investor, feel free to reach out so we can get stared!

I would try to hire a contractor and walkthrough with them to get an estimate or get a more experienced house flipper to help you. 

I'd like to pick some of y'alls brains and ask for more information from some more experienced investors, loan officers or realtors on this matter.  

I am sure more experienced landlords will chime in with appropriate action you should take.

I would like to hear from experienced investors who installed rubs and those who didn't against it.

Your most effective path may be to find an experienced wholesaler and partner up with her. 

If not, you would be better off putting the property under contract and then assigning to an experienced flipper.

When better options are exhausted or too costly the other options (such as IB, border state area, and to a lesser degree Oceanside (which has already experienced significant price increase)) are what are available. 

From what I understand (have not experienced this yet) you could do a “Subject to” deal and in this case it would be subject to you (buyer) now makeing payments on the mortgage.  

@Annie Schrock Have you and your friend considered private note-lending with an experienced team?