I need some advice on possible options.Here is some of the information about the property and his issue:ARV: 150,000Rents for 1450Minor Repairs (cosmetic)He owes 23,000 to bring the mortgage currentThey will auction the property 5/10/18Can someone please advise on what possible options I have for the seller?

I need some advice on possible options.Here is some of the information about the property and his issue:ARV: 150,000Rents for 1450Minor Repairs (cosmetic)He owes 23,000 to bring the mortgage currentThey will auction the property 5/10/18Can someone please advise on what possible options I have for the seller?

I need some advice on possible options.Here is some of the information about the property and his issue:ARV: 150,000Rents for 1450Minor Repairs (cosmetic)He owes 23,000 to bring the mortgage currentThey will auction the property 5/10/18Original Loan amount 132,000Bank is asking for 145,000 due to fees tacked onCan someone please advise on what possible options I have for the seller?

I would strongly recommend that you instead of starting with a foundation company, have a structural engineer come out and take a look at the property to get a feel for exactly what foundation repairs are needed.You can then have foundation companies bid on the engineer's report to resolve the issues to avoid a situation where you are allowing the foundation company to come up with the estimate themselves as I have heard that foundation companies estimates tend to come in all over the place without an engineer's report to work off and limit their repairs.I will PM you the guy that I used for a property I was looking at recently.   

Assuming the ARV of $306K is correct, the purchase price and huge expected repair bill of $65K don't make this work as a BRRR deal.

my understanding is that if it were to be damaged beyond repair you would not be able to rebuild as a sfr, only commercial so that can affect the loan of a potential client

I agree with Brian, if you want to be a good landlord and not just a slumlord ask yourself what is the number that gets yourself off the couch to get the property repaired and to keep it up nice so you get good renters and lower vacancy.

Has anyone else had any 'luck' approaching realtors, lenders, credit repair specialists, et al for a mutual "win- win" when they provide contacts that YOU CAN HELP, when they CANNOT?

Don't think in terms of  flood, equal insurance claim, and then contractor repairs, and back to whole.

LOC's can be great ways to do the down payment on a property while keeping your 20k cash liquid to cover repairs etc.