Foreclosing on an owner finance

[Wade Stahle]

I have a bit of a difficult one. I have a gentleman that is owner financing his home. His "renter" is 3 months behind on his payments and can legally be foreclosed on in my state. He doesn't want to deal with it and will carry the note to me for $200k (its worth $250-275). How can I structure this? Can someone go into depth? The "renter's" name is on the warranty deed.