Found a possible rental property. Have a few questions.

[Cain Kiser]

I am looking at a property in the city that I live in. The ad states "Don't miss an excellent opportunity for immediate cash flow with no cash down option from owner!!! Completely Remodeled home offers a virtual maintenance free experience for its new investor/owner. Currently leased for $900/month through July 2009 with two excellent paying tenants, and $1150 security deposit." Its for sale for $99,900 and is around 1200 Sq. Ft., 4 bedroom and 1 bath. For Sorry had a link but realized I couldnt post it yet.

I have a meeting on monday to go walk through the house with the seller and I drove by it yesterday. Looks like a nice property.

The question that I have is that would a Lease option be the best way to go through with purchasing the property since he has a mortgage on the house? Is there any way we can make a contract sale on the property since he has a mortgage?

This would be my second property and just looking for a little advice if anyone has had any experience with a sale like this.

Thanks for your help in advance!