Make calculated bets, plan for failure, and outwork the percentage of losing.

You bet.

I bet you it's maybe 15% or most likely less.

-Gabe A flash of the obviouse, Will is right on, just a bet.

The best bet out of all this would probably be a short sale, but since your friend appears to be a non owner occupant that may be difficult.

Best bet is find a successful real estate wholesale company and go to work for them.

I really don't know how these "we buy gold" companies make money or how their business model works, but I bet that they have some extremely clever way of arbitraging the jewelry of those in need vis a vis their knowledge of futures markets.

The challenge was coming up with the remaining funds to purchase the property even if you could assume the existing mortgage.To put some simple numeric examples:Purchase: $100kDownpayment: $20kAssume existing mortgage: $20k (because it's probably been paid down for 20+ years).Funds to close: $60k (plus closing and rehab costs).No other lenders will look at funding the $60k it because they'll want a 1st mortgage position.If the numbers work, best bet is to obtain financing for the purchase and pay off the assumable loan.

I bet that in the end, I'll hit a home run, or at least a triple on this one.

You might not have known exactly what it meant, but I bet you would have noticed it and questioned it.