Need strategy advice
I have a neighbor who lost both parents a few months ago and is now clearing out the parents' former home. We had a conversation about what he plans to do with the property and it sounds like his parents did a cash out refi so they still owe about 290k on the property. The house is not updated so there is room to force appreciation to an ARV of $360- $380k. From what he tells me, the bank will take possession of the house soon.
My question is how can I creatively structure a deal that allows me to purchase the property before the bank puts it on the market while providing a solution to the neighbor?