Lease Option Wholesale Minnesota

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Hey Bigger Pockets,

I recently found them off-market through a Facebook group that is being sold. If your contacting me the poster and getting some details it turns out that the tenant has been living there for several years and loves the property but because he is currently starting a new business he's not eligible for a mortgage. He seems to be a good 10 to otherwise and I've brought up the option of a lease option seeing if you would be interested. I thought especially given the financial turmoil right now it might be a good situation to a lot of tenant in for like three years and then being able to sell the place at a fixed price.

after running the numbers seems to be a moderately good deal out like an 8% return with about $150 to $200 cash flow per month The property is being sold for $190,000 and needs cosmetic updates. 

Now this isn't really a deal that fits my personal qualifications (Multifamilies that I can buy and add value to). So I would like to wholesale it with the lease option setup. Is that something I can do? Or would I just have to sell the place and bring up the lease option option? 

Thanks for the input!

@Micah Haworth a first important tip in any and all thing REI is to be very clear and exact, as is said "the devil is in the details" and your post is very hard to understand with much assumption to be done.

If I understand correctly your asking if there is a viable market for purchasing a property that has a C4D buyer/deal in place, correct? That would be a sandwhich deal (slang term). Short answer is yes IF the numbers and structure is correct. I can tell you 8% ROI would not be correct in my book. Add in the current climate of things and I would say your approaching the parking lot of the ball-park of correct #'s.

Picture it from the end buyers standpoint, there is absolutely zero control of the property or deal what so ever, just the hope that whomever constructed it properly did every aspect. The only control comes via lengthy legal actions which are under indefinite moratorium in MN right now, so that means mountains of risk, absolutely zero control or input to quality standards. 

Right now at this moment I am very active for myself and clients, although I am also properly pricing the market for myself and clients. To even consider such a deal for myself or clients I need to see a much better rate of return, north of 12% as a basis mark. From there I need all the documentation and disclosures, on all sides, my underwriting process is the definition of thorough at this moment. I am also most probable to require some additional secured collateral from C4D tenant.