How to determine the right way to approach a good deal and how to recognize it?

[Steven Sego]

I havve the opportunity to purchase a property. The MV is approx. 180K the owner will accept 140K. The remaining payoff bal. is 110K. The prop. is in preforeclosure. The owner is motivated by gettin a divorce, and is building another house. However, he is still making half payments which keeps the servicer from completing foreclosure. He wants to sell though. The prop. is listed with realtor for 159K, but the man can sell it himself if need be, as that is the understanding. The payments are around 750/mo. The owner wants 30K dn. and will carry the bal. for up to 1 yr. and pay the taxes monthly and 750 will go to mortgage. Is this a good deal? I need the confidence to know that I can either rent it or sell it to someone for more than the payments are in order to make anything. As I am really new to this, can someone give me some good advice on how to structure this deal if it is good. Thanks Steven