idea for upside down houses

[Kevin Craig]

I have an idea of how to make money off of upside down houses and I'd like to know you guy's opinion. My focus in on lease options without taking the property subject to. What I'll do is put the property under contract under lease purchase, then sell my interest to purchase for an option fee to a tenant buyer. This has me out of the deal clean. (For all of the people who are scared to do lease option deals)

Now here's the nitty gritty. An upside down property looks like this. loan 330 property worth 240. The owner wants out. My mentor sometimes does deals where the owner will make payments on the mortgage while the new tenant buyer pays the majority.

So say the 330 loan carries a 2100 mortgage. I have the owner carry 400 on the lease and the new tenant buyer step in to pay 1700. I then let them know that they would be purchasing the house in the future. Say 3 years later for the full 2100 mortgage(or possibly bumped up by 5 percent for 340).

I'm thinking this could give me the option to work upside down houses as long as the owner is motivated to get out and not foreclose and as long as the buyer is agressive also to get into a house.

Any ideas on this let me know. Thanks in advance. Looking forward to seeing some answers on this one.