What would you do if you had this possibility

[Chris Sukala]

So I have an associate, I guess call him a friend, that has poor credit yet owns one home. He doubts he can get financed for another house. Both him and his wife are self employed. He came to me and ask if there was any way we would buy a house of their choosing and they would rent it and fix it up and in 3 years buy it. My wife and I were just brain storming quickly before I went to work. We were thinking, they Come up with the 20% down we rent it to them and depending on payment we would make 200-400 a month and stay hands off minus any inspections. They are responsible for remod,utilities, everything. If they choose after 3 years not to buy it they will forfeit their 20% down and any update costs What's your thoughts?