Advise needed for a deal in place

[Delmas Edwards]

I have a property that the seller wants 60K on a land contract with 20k down at 6% and a 5 year balloon on 30 year amortization schedule. The house is valued at 57k . 3bdrm  1 bath 1200sqft. rents $850-900.  I'm offering 10k down at 8% with sales price at what they are asking. Monthly payments would $550 with taxes and Insurance. I want to do a rent to own with this property. Is it possible?