how to do a lease option with a renter already in the property
Looking for some info. How would this be put together? A owner spoke with me about doing a lease option for her home that is currently being rented out. I do not have all the info. This is just in general and just trying to get some ideas. Home is in Joliet, ARV is est at 120k. Mortgage was around 80k. mortgage is 800.00 includes PITI. Interested in doing a lease option, the owner does not want to do the landlord thing anymore. Generally this would be a lease option deal, the owner wants asking price of 120k. The home has a current renter that has been there for few years. And does not want to move. Owner told me the renter would like to buy the home down the line, just not now. My question is.....How does one do a lease option and collect a option payment if the property already has a renter in place? Naturally I like to keep the renter in place but how would I fit in and turn that renter into my sublease tenant? Just wanting to know if this can actually be done. Thanks.