BiggerPockets

The Orlando condo market is absolutely devastated. Banks are practically giving condos away and, because of Fannie/Freddie rules that prohibit financing the purchase of condos where the HOA is over 25% delinquent (aka - every HOA in Orlando), pretty much only cash buyers are getting in on the deals.
I am partnering in a deal to buy a couple of these at about 50% market value and selling them using owner financing. Ideally we'd like to set up some sort of lease-option/purchase scenario where the buyer puts 10% down and pays rent above market for a couple of years until he/she 're-fi's' when we close the deal. My worry is that the HOA that these condos are in will still not qualify for traditional financing in 1 - 3 years and we won't be able to get our cash out.
I'd prefer to keep the tenant/buyer a tenant as long as possible so I won't have to foreclose (only evict) should they stop paying, but it seems like it would almost be easier to just finance the deal for them and hold the note and trust that when they can re-fi to a lower rate they will.
Anyone with any experience selling condos on lease-purchases have any advice?