Fix and flip without much cash
I have a prospective property that is needing to be offloaded due to divorce. The couple wants $275k and owes $272k. Current value of about $310k. It's 1.75 acres in a country subdivision with good schools on well and septic. I'm doing diligence now as to why the previous sale did not close and hoping to get the inspector's report.
Cosmetics are overall good. The kitchen cabinets need to be painted, replace some of the flooring and maybe add a few can lights. everything seems to be cosmetic and would be about $20k. ARV of $350k with these improvements.
What are some strategies I can do to flip without bringing money for downpayment or large amounts to close? I thought about loan assumption and paying them the $3k difference. Then I would have the rehab money and pay off the loan at the sale. I'm wondering how that would work for the difference, as I have no experience in loan assumption. HMLs have high closing costs and most of my funds are tied up as I'm finishing this current rehab. There's not enough spread for a wholesaler to JV, and I'd like the cash influx from the flip to have reserves to pay my crew. Anything I haven't thought of? I'm open to suggestions.