Owners debt heavy (1st mortgage $219k, 2nd mortgage $42k) Sales comp $255,000 July 2017 (I walked this one and it had basement water issues, near highway and less land) My offer would be:Assumed their 1st mortgage for $219k.

Who pays water/sewer bill, garbage collection, any common area electric? 

Comparable sales on 3 Bedroom two Baths in the area is from $120,000 to $150,000 move in ready as this one is the $15K delinquency is PTI and increasing every month, and the owner finance buyer bad credit will not allow refinance as you suggested Jay.   

Does anyone have a suggestion for replacing hot water baseboard heater covers?

The rental income they will use will be based on comparable rents of the surrounding homes. 

@Jerome Morelos Definitely look into your state laws...I know here in MA I am not allowed to charge tenants for water UNLESS it is sub-metered correctly.I am also required to provide heating no matter what during "heating season" even though the heaters are also separate for each unit.I would also suggest taking a look at other listings in your area to see what common practice is.Best of luck!

Compare your place to theirs.

Although that rate will be higher compare to conventional  interest rate. 

Because unless you can (and I don't mean promising to pay the seller interest on $50k instead, while you're scrambling around in panic), then it's likely dead in the water for you.But if $50k of your own cash isn't a problem, then there's been plenty of good advice given.Welcome to BP.

But if the benefit is getting cash....well, she'll have to compare the terms on her private loan against the portfolio loan to find out if it would be work it.