Out of state virginia property subject to?
A coworker approached me Friday about giving his property back to the bank. I asked a few questions and found he is current on mortgage and no longer wants to pay for this property and where he currently resides. This property is in richmond Virginia. He told me that it needs some fixing up to rent out (a realtor told him). He also thinks he is $20000 upside down. I haven't looked much further into it yet because I'm not sure what and how I can help except maybe give him a contact. Correct me if I'm wrong but I can only think of doing sub2 and rent (if it cash flows) or he does a short sale (which I doubt because talking to him he just wants to be done paying for it). Should I look further into it for sub2? Anyone know anything about richmond? If I did sub2 and it is out of state what would I have to do legally do protect myself differently from an in state property?
Jon