Creative Deal - Need Advice/Expertise

[James Reynolds]

Can someone please advise on the best way to proceed with a creative deal. I will try to be as concise as possible:

-Owner/seller is willing to sell me distressed vacant property for 250k (numbers are hypothetical)

-Owner does have a current mortgage on the property for approx 100k

-We signed a rent-to-own lease where seller gets 2000/month (which does not go toward sale price) and I have the option to purch anytime for 250k

-During that time, I will do approx 100k in rehab

-Once rehab is complete, I will sell property and seller would get his 250k and keep any rent payments he collected

What is the best way to structure this deal? Hope that made sense and was easy to follow.