Owners who owe more than its worth

[Tee Allen]

I have an owner who is willing to sell but she owes more than what the house is worth 

she has tenants in place and the house just looks like crap

she stated she would sale but the equity in the home is low and bought it when the market was hot 

my question is how do i structure this deal

how can i get a price for it that would work for the both of us 

from my understanding she does not qualify for the short sale process because she is not delinquent in payments 

any info i would gradually appreciate