I thought I'd chime in with a good example of a Subject-To deal that I completed in my first year of investing.  

 A seller called me from a bandit sign to say they had a home that was going into foreclosure.  They told me on the phone that the house had become a major source of pain with them and all they wanted was for me to give them enough money to move into a new place so they could start over.  

 They owed approximately $105,000 for the house and I figured it's ARV (after repaired value) to be around $180,000.  This was a deal, if I could pull it off.

 I immediately scheduled a face to face appointment and when I saw the house it needed carpet, paint, a couple new doors, new kitchen countertops, and landscaping.  Other than that, it was in good shape. 

I found out that $3000 would be enough to get the sellers where they wanted to go.  I agreed to reinstate the mortgage and make their monthly payment while I cleaned up the house, got a tenant buyer and waited until the tenant buyer refinanced to cash me out.  I made all the proper disclosures in writing, which is very important.  I got the deed signed at a notary to secure my interest and give them a little cash to get packed up, and scheduled a normal closing through escrow.  

 After giving them the rest of their cash and reinstating the mortgage, I borrowed enough cash from a private lender to complete the rehab, and I found a tenant buyer within a month of finishing the remodel.  The market in my area was hot at the time, and I was able to get a 12-month lease option at $215,000, which was much higher than I originally thought.

My tenant buyer's decided to cash me out after 5 months, so when I walked out of closing I carried a check for $102,247.89.  After buying, rehab, holding, and selling costs, I netted about $76,000.  Not too bad for about 30 hours of work.