A Potential Subject 2?

[Abad Marroquin]

I lady who I met in church years ago told me she recently divorced and now is looking for a new place to live because she is going to leave her house to foreclosure. She can no longer afford the $970 mortgage payment (That includes property taxes and insurance). She bought the property in 2005 at $140,000 at 30 years. She has tried to get an approval from the bank to do a short sale but she said the bank would not allow it. She also mentioned that her husband had signed some kind of document removing himself from the loan (I don't know what this is...) 

This house could be rented for around $700 a month. 

Is there any room for any deal here? It's a 3 br 2 bth built in 2005.  She said she tried to sale through an agent but for $150k for a year but did not sell. 

A little about me. I have 3 br 2 bth fully paid where I live. I also own 3 double wide mobile homes fully paid that rent for $600 a month. I would like to continue buying properties but I have no cash or credit. That's why I am trying other strategies. 

I like this property for myself. If I decide to rent my house where I live now I could get around $700 a month. So, If I assume the loan I would need to come up with the difference of $270. 

I also have buyers who are willing to pay $10k down for an owner financing because they don't have credit. 

If there is a opportunity to ge my 5th property what questions do I need to ask to get a better picture? What information do I need to get to analyze this deal better?  How would you approach this deal?  Thank you for your input. In the mean time, I will do some research on Subject 2.