Lease Purchase Deal

[Russell Carter]

Good evening, BP Faithful. I may have a deal (my first). I spoke with a seller who has a house for sale (asking price $80,000) who is also willing to do a lease purchase (12 months at $900) per month. Out of the $900, he plans to take $180 per month and hold it in an escrow account for use toward the down payment. It should be noted that $900 is in line with rents in the area.

My plan is to tie up the property and find a tenant buyer to whom I will assign my interest. Since this will be my first deal (if the seller accepts), what are some of the potential pitfalls with my strategy as represented? And, what are some of the things I need to do on an ongoing basis to make the process successful?