Subject To Live in rehab

[Dezara Beck]

Hello I have a motivated seller who i am thinking about taking over his payments. The property doesn't have enough equity to wholesale because the cost of repairs is to much. He owes $70,000, the ARV is between $110,000 and $120,000 with about $30-35,000 in rehab cost. But the mortgage is only $700 with escrow a month and the property after rehab can be rented out between $900-1200 a month and even up to $1600 if rented out through section 8. I was thinking maybe I could do a subject to and then live in the property and slowly fix it up until it is in a good condition rent out.

I am new and this will be my first property. Do you guys think this will be a good idea or do you know of any type of funding i can get in order to rehab the place to rent it out without having to actually live in it for a few months to fix it up first?

Thanks in advance for your reply's :)