Is there any way to make the numbers work?
Here's what I'm dealing with:
Homeowner bought a house with his first wife. They got divorced and she lived in the house, then passed away. Now owner has a new wife and new house, so is stuck with this extra empty house he still has to pay for. He owes about $80k on the mortgage. Comps around $90k-$110k, and could rent for $900-$975 easily. He's in the process of fixing it up so it's not livable and still needs probably $10k-$15k worth of work.
The numbers simply don't work for flip, rental, or wholesale. I considered sub2 or lease option but as far as I know those work mainly for move-in ready houses.
Am I missing something? Any input/advice/ideas?