I'm analyzing a deal that has approximately negative (-$3,000) in cash flow each year.

I wouldn't normally invest, but the kicker is that I have the opportunity to get a deed subject to the existing mortgage.  This makes it interesting to me, because it's another asset on the books but one less loan on the books.  [yes, of course the risk is that the lender calls the loan and I owe the balance].

Interested to see how you might analyze and weigh out your options.