I don't care about buying her house, I just feel for her and want to help her out of a difficult situation. She bought the house a few years ago, 200k, low down payment. Boyfriend completely gutted the house and then (i believe) ghosted. House is worth wayyy less now. No money to fix it up, but still up on mortgage payments. Id guess house is worth 50-100k.
Has a oversized lot, alley access, decent 2 stall garage next to the house actually and 3 houses away from a decent school. So there are positives. I am wracking my brain trying to think of options other than short sale or foreclosure.
Any experienced investors here done any creative strategies to avoid a foreclosure type situation. I am thinking selling on a contract for deed to someone who wants to build a shop or huge garage on in the back yard on the alley, and slowly fix up the house over time. Possilby split the lot and sell half if the city allows it.
Thanks in advance for any ideas!