Options on distressed sellers

[Jerry Rode]

Here's the situation - A co-workers neighbor, I have learned, is in a situation where income doesn't match expenses and it's just a matter of time before they are forced to loose their home. They have expressed interest in just walking away to my co-worker.

I would like to breach the subject of how I can help out as an investor. Here is where I need some opinions.

Assumptions:
-I have very little of my own money to provide
-I'm new to the world of land contracts, lease options, etc (still searching and reading through the forums)
-I don't know (yet) the equity built into or what is still owed on the home.
-Is the perfect world scenario given the amount owed makes a decent business case is that they deed the title over to me, I start making payments on the home and they walk away w/o damaging their credit.

SFRs are my focus for buying.

Ok.....go! :D