Question about Distressed Property in NJ

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Good day,

I came across a property in Orange, NJ and it's currently 3 months in arrears and the owner has only had it for about 5 months. It was purchased to do a flip. There are plans already approved and drawn out to add 2 extra bedrooms and 2 bathrooms. The current owner is stuck due to the investor bailing out on him. He didn't have a contract with the Investor. The property is currently 265K and has no equity since it was just purchased late last year.

Is there anything that can be done? I came across a Hard Money Lender but I am not sure if it's a good idea to bring them this deal considering this will be my first deal. I don't think there is any money making potential involved in this. Please correct me if I am wrong.

Any suggestions are welcome.

Regards,
Eugene