Possible Lease Option? Already a Tenant in the Property

[Jennifer Alcide]

Hello,

I have a seller who contacted me about selling her property. She will be moving out of state and needs to sell the property fast. She already has a tenant in the house.

I know wholesaling this property is an option, I wanted to know if Lease option would be a good strategic move as an entry into this property?

If I go the lease option route my exit strategy is to rent it out, and I would already have a renter.

My question is how would I set it up?

Would I sign the lease and the option with the seller and have her assign or draw up a new lease with the tenant?

I know I would have to notify the bank of these changes.

So the tenant would then pay me, and I would pay the bank?

Thank you in advance,

Jennifer

[Steve Babiak]

I don't see this as a lease option because there is ALREADY a lease between the owner and a tenant! As Bill Gulley said, it might be a Sub2, and you then take the owner (landlord) position with respect to the existing lease. And Bill's last sentence might be an even better alternative for you ...