The bank will insist that it be listed but an offer in hand is attractive, especially if you can show that the home needs work.

I'm not sure if I would bank on appreciation too much in Philadelphia right now.

One thing that you can do is create a joint bank account and then both put the funds into that account.

I would talk with a local bank first to discuss it.

I want to buy another property with bank financing once again, and I am not a DIY guy, so that rules out foreclosures where one pays cash sight unseen. 

Banks in Philadelphia are looking at the followingIf this is an investment - 75% LTVif it is a Owner Occupied - 95-96.5% LTV30 Year Mortgages with no Pre Pay if you go FNMALet me know if you have any questions.Regards,Joe Scorese

Obviously, this is all about what I can negotiate though I'm looking for a fair starting point... and also trying to be mindful that I should take care of the investor.I'd either need $260k to buy the property subject-to (but risk the bank calling due-on-sale) or I'd need $757k to buy it outright.  

My mom wants to partner with me and buy property together since she has perfect credit and a better chance at being taken seriously by the banks that will give us a mortgage. we are going to go 50/50 on the down payment and all expenses/maintenance. we will be getting an fha loan and putting 3.5% down which will allow us to have a big emergency fund.

The best rentals (for passive cash flow) are typically in B/B+ neighborhoods (good demand, low tenant turnover, but not such high PITI that you lose all your rental income to the bank). 

Union Bank but only 50% LTV