Need Help!! Potential property acquisition

[Steven Haskins]

Hello All,

I need immediate help.

I was wondering if I can get some advise on how to proceed with this situation?
A lady called me today. She owns a 2-family building in South St.Louis. She is in the process of doing a Chapter 13 Bankruptcy. She will not be able to make her bankruptcy payments and keep the building. She owes about $37,000 on the building. Here rents are $600.00 per month on 1st floor and $625.00 per month on 2nd floor. She has not put it up for sale as of yet. I do not believe she is going to because she needs a quick sale before she files bankruptcy. She wants to get out of the property as quick as possible. I want the building but I am not in position to get conventional financing. I am suppose to meet with this person on Friday and she seems pretty desperate. If my memory serves me if she files for Chapter 13 and try to sell the building the trustee will not let her keep the money, if she gets any money at all. My question to you is what is the best option for a person in my situation to get this building with no-cash? I will meet with her on Friday and I'm a bit nervous. This is the closest opportunity in months that I have had to get another property and I do not know how to attack this situation. I am sure she is looking for some cash before she officially files bankruptcy. She has no idea what the property is worth. I think she just wants to get out.

Your help would be great! If you are not able to help please refer me to someone that can guide me a little bit. This is a great opportunity for me and I really need the help.