Property with no equity

[William Taylor]

Hello Community. I am looking at a low end property in a decent neighborhood. The community is stable as far a housing values are concerned. The price for the home is consistent with the Comps. There is very little  real estate activity in the area.The home owner has purchased another home and he is in need of selling this property and not continue to pay two mortgages. He is currently over leveraged and needs to get what he owns on the mortgage. He has a realtor working with him who does not know what to do for his client. There are very few offers on the table. Of note I came across the property through an expired listing.

My thoughts:

1. Consider a subject 2 approach and ask the home owner to release the realtor. 

2. Do a lease option and find an end buyer to purchase the option.

3. Walk away since there is no room financially if the realtor remains with his client. The client will come to the table owing everyone.

What are your thoughts my BP community?