my tenant wants to purchase my property...philadelphia, pa

[Robert Hastings]

i own a home free and clear.  i have been renting it to a man for 3 years.  he has always paid.  sometimes late but always paid.  home value is around 40-45k (assessed value 54k).  rent is 750/month.  some months when the electric bill is massive, i accept 700...moving forward...

he wants to buy and asked if i would be opposed to some structure that allows him to pay rent but have credits towards purchase.  i did some research.  i spoke to two different title companies and two different attorneys.  this is my conclusion and i would appreciate a second set of eyes..

a lawyer recommended a lease purchase agreement and not an owner financed mortgage.  specifically boils down to the fact its easier and less expensive to evict a tenant for breach of a lease agreement then to foreclose on a borrower for late/non payment of a mortgage.  with the lease purchase, the deed will remain in my name until the end of the lease agreement and for the owner financed structure, the deed gets transferred at closing and a mortgage is recorded.  im the 1st lienholder in event of default with a owner financed structure. 

i told my tenant if he can get traditional financing thru a local bank, i would accept 37k.  but i dont think he will be able to get that considering its such a small amount.  for any other structure i would want a different price...maybe 43k idk.  tenant is willing to put down 8-10k (at least 20%)

the one thing i dont like about lease purchases is the deed is still in my name and i am still responsible for water, real estate taxes and insurance.  in an owner financed, i would still get the same upfront money but the deed would be transferred and mortgage recorded.  i would not be responsible for anything except collecting my money.  but i guess in the event of non payment, it IS easier to evict a tenant than to foreclose on a borrower?

how expensive is it to foreclose on a borrower if the papers were drafted properly and a lawyer was involved thru every step of the way? (im not printing up a sales agreement and recording the deed, im willing to spend the money for a real estate attorney to draft the papers)

how long does it take to foreclose with owner mortgages and not bank?  any different?

what would YOU do?