If I were a more seasoned investor and you approached me with this deal as an absolute newbie I would be extremely hesitant.

It sounds as though the best approach would be to have a real estate attorney advise you on the particulars of wholesaling in Ohio.

I would like to see if I can get it for 5k down but I am stuck about approaching him on a 5-7 year balloon/ 30 yr. amortization and refinancing the property in 5 years traditionally or seeing if he will do no balloon with a 30 yr. amortization.

What approach do I use and how do I sell them on putting up some funds and I do all the leg work?

You are right in stating that there are many different ways to approach your RE investing to make sure that they work with your long-term goals.

If you seem like the "common person" you will be more approachable.

Okay guys I'm new on here and I'm asking for anyone's help on how they might approach this deal.My uncle has a neighbor who is letting her home go to foreclosure.

You could take a couple of approaches... (1) a full (or partial) tenant change out with notices you mention; (2) let them all revert to month to month (or do new month to month leases with your terms is better).

They approached a couple property management companies in the area to get rates, then approached me asking if I would be interested in managing it for them for that rate, instead of them paying someone they don't know.

I'm wondering how flippers approach something like this.