Motivated Seller -- How to Structure the Offer(s)

[Melanie M.]

Hi BP Nation,

I have a motivated seller with a property in Florida. He wrote a lease-option on the property 2 years ago, tenants are great, responsible for all maintenance, no late payments. Option is written for 5 years with 1-year renewable. Purchase price is $182,000. Buyer paid $9K option payment. Credit toward purchase price is $150/month. Monthly payment is $1100. Taxes/insurance are not escrowed.

He has an ARM at 3%, balance is $130K, payment is $650.

He needs to get this loan out of his name bc he wants to buy a house to live in--tough to qualify with this loan in his name.

I suspect there are several creative ways to buy this house. However, as a newbie, I am at a loss of how to begin to structure an offer or offers. Thank you BP!