Back Taxes on Owner Financed Deal

[Marion Edwards]

I have a potential deal where the property is owned free and clear. The problem is, there are delinquent property taxes for years 2009, 2010, and 2011. All total about $8000. The property is set to be foreclosed on by the county on Feb 1, 2012. The owner doesn't have the money and is looking for a down payment to cover this. The property is only worth around $24,000 and the owner wants a minimum $200 per month for 5 years with a balloon payment. Is this a good deal? If not, do you have any suggestions for structuring it into a good deal. I'm new to this business, so I'm looking for any advice you may have. Thanks in advance.