Buying a house from a friend

[Shayne Brescia]

Hello all,

I have a friend that is currently looking to sell me his home.  Long story short, him and his wife are looking to move out west and he wants to sell me his home.  The house is in fantastic condition, renovated in 2011.  The plan is to buy it from him, then rent it back to him until they are ready to move in early 2015.  Upon their exit, I will then re-rent the home.  

Financials:

Purchase price: $285,000

Rent: $2,200

All financial analysis aside, how best should I go about this? Conventional financing or maybe work out a lease to own or seller financing with him? His current mortgage+PITI+HOA is $1930 but I could probably get a better mortgage due to lower interest rate then his 4.75.

Just looking for some general suggestions on my options... Thanks!