Low Equity High Repairs... Is There a Way To Structure This?

I'm pretty new and I've come up on a very low equity house just outside of Houston in Katy, Texas 77450  

ARV:$225k

and needs repairing... 

rent ready looking at about $30k 

flip $48-50k 

owner owes $144k

I have no idea how to structure this... Subject-to strategy??... but what about the high repairs (ughh)

I need some help if anyone is so kind as to share their knowledge, thoughts, or experience with a similar situation.

Please shine some light