NEED HELP: Potential 1st Deal and Not Sure What To Do
So...
I'm brand new and my deal structuring creativity isn't exactly fine-tuned yet. But I ran across a home 2 days ago and it's a 1st time flipper who is apparently in trouble. It's a fully renovated 3 br/2ba house in an area that I am looking to buy and hold(rentals).
From what he has told me, he put $150K into the rehab and has a reno loan payment of $1200/month that he can't afford. Said he's in trouble and needs out of it. I'm not sure what the balance is on that loan. He has it listed for $162K but said he will consider all offers at this point. The comps in the area are showing around $150K-155K with rental comps around $1200.
I do have cash(just sold my business) but not enough to pay that much for it.
My question is...something like this...is there a potential deal here to help solve his problem and come out with a good deal for me as well? Or no? Would borrowing private money at a 30-yr fixed rate be a way of offering him the balance due on the loan and get the home for under market? Or is this a situation where I could structure a rent to own with him? If so, is it legal to rent it from him then turn around and sublet it out or no?
Again, I'm brand new and curious if there's a potential deal here for a win-win. Maybe there's not? Or have I not provided enough info to even begin to think of a deal?
And advice would be HIGHLY appreicated!
Thanks!