Profits from pre foreclosures

[Bob Gilmoar]

Let's say I am wholesaling a pre foreclosed property. The property's ARV is $300,000 with 80% equity, meaning they have paid $240,000.

Now I am assuming they have missed 5 months of payments. Is this math right? These numbers are just estimates and assuming no other fees (HOA and etc) are attached.

$60,000 pay off

$25,000 rehab

$06,080 back payments @ $1,216 a month

$01,216 for that month's rent

$01,000 closing fee (random)

$01,000 holding fee (don't really understand this)

Total~

$94,296

Would be paid to the owner 

Leaving $205,704 for as potential profits for me and the investor. That doesn't seem right....

Am I missing something here? Is the owner (seller) of the home supposed to be getting some of this money? Moving costs and etc?

I'm just trying to wrap my head around this.