lease option - neighbors house and my own
Got two scenarios I want to do some kind of lease option/purchase if it is workable. I want to know how you would structure the deal and if it makes sense. Both houses in a stable, golf-course community.
1. Friends house. On the market now for 215K, would sell for 200K. She currently owes 200K. She was renting it previously for only 1050/mo. I was thinking of doing a sandwhich lease/option. She is willing to not cover her mortgage of approx 1400/mo if I can get it sold. Was thinking a 3 year with her and then sell it on a 1 year with 1400-1500/mo, 210K purchase price along with some money down/option money.
2. My personal home. Owe 208K, could sell on market for 250K, thinking sell it on lease/option for 260K and lease for 1600/mo..my PITI is 1375/mo. What would be the option period, money down, option money?
If I had a bunch of cash, I would go purchase some small SFR or duplexes but I am just not in that position now after a recent divorce. Trying to be creative here and get something going. Thanks in advance!