[Calc Review] Help me analyze this deal

[Jay B wolgamott]

View report

*This link comes directly from our calculators, based on information input by the member who posted.

Hello everyone this is my first post and thank for taking the time to look at this. So i this have plan out as.

They are asking $39,000 I would offer $35,000 in cash from a refinance from my current home and $10,000 in  savings for rehab.

I have not seen the inside of this house yet , i am having a realtor check it out today, so I will know more this afternoon.

Then do a purchases option of $3,000 down and $800 a month for 2 years  and purchase price of $70,000.

This is having the the lessee pay for all repairs up to $500. 

Then refinance this property for $55,000 when I can for the next one.

So how should I look at this get he lessee into bank finance or do a note for 20 years

So I have figure out I need two contracts one for the lease and one for purchase. 

How much of the $3,000 do I use for the purchase price.

Do I need to collect more money to help with the down payment or have them do it for themselves?

What else am I missing ?

Would you do this or something else??

 Thanks