Vacation property being foreclosed


Inspired Forum Member
REIN Member
Jul 18, 2016
I have a family member who is having their home foreclosed on actually it will be shortly it is still prior to that.
It is a very nice property with a high mortgage.
Worth about 800,000, mortgage of 630,000, payments of 2800 per month.
I can’t qualify for this mortgage or this purchase.
The family member could remain in the basement suite of the house and I could operate the main floor as A vacation rental as it is in a very desirable area.
Looking at Airbnb rentals it would take me about 75 days per year to cover the remaining costs.
I am wondering how I can somehow take ownership of this without actually applying for and getting a mortgage.
Looking for someone with some creative experience.

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