Ok - tear up my possible LO deal
So I ran into a possible deal and i'm just not seeing the problem with it - but I'm a little rusty so I thought I'd have all of you tell me why I should not do this. The owner is completely stuck at market price. However he's willing to lease option with all rent going towards purchase . I thought this was not possible but he claims to have it worked out with an attorney. Theres a tiny note on the property (80) He wants 225k and 1250/month, one month down. I could get $1450+ or so on an LO and at least 2-3% down. If I could get him to go several years on the LO what is the downside for me? I'm just not seeing much risk, but maybe I'm missing something.