Rent to own or lease option investment?

[Logan Addis]

My dad has a house and some land that he was going to sell to my stepsister in a land contract at 3% and $300 a month and 55k total. That would end up being about 18k in interest. She backed out of the deal. He was really counting on that so he's fairly "motivated" I've been doing tons of research on creative real estate investing but haven't done a deal yet. I was wondering if I could use this as an opportunity to get it under land contract and get someone else in there to either do rent to own or lease option. I'm still a noob and will gladly take any advice. Maybe with these numbers there's no money to be made, I was hoping someone would have some ideas, I need to act quickly.

[Brandon Diaz]

The answer is... yes you can. But since it's your dad, why dont you just J/V (joint venture) on the deal. You basically be a mini partner on that one deal and you can split profits however you guys negotiate. That way you arnt on the line for a monthly payment each month. Unless you can make the monthly payment comfortably. I dont know how much you could get in rent but you would need to at least consider the property taxes for the year and the insurance as well and what exactly your roll would be and your dads role would be. 

You can do a land contract but it seems like there is motivation and your new and maybe need to arrange something a little simpler. 

Hope this helps