Triple Net Lease on Residential Property

[Josh Detweiler]

Hey Guys! 

I'm in a unique situation. I have one investment property but I'm currently renting from a landlord in a 3bd 2ba well below market value. The owner of this property owns a funeral home next door and owns both properties that touch it. He's not interested in dealing with the hassles of being a landlord (and doesn't need the cash), so he's renting the properties for $600 each, while the market value is closer to $1450. His goal is that the properties are maintained well since they touch the funeral home. Based on  the rent I'm paying, my estimation on his cash flow is that he's getting about 1K a year per property. 

What I would like to do is offer him a triple net lease that would allow me to manage the property (or pay a property manager), rent it out and increase his income along with mine. His income per property would increase to $250 monthly (3K yearly) and my cash flow after expenses per property would be $390 a month (4.6K yearly). I think this could be a win-win, he would still achieve his goal of owning the properties and ensuring they are well maintained while also increasing his income. However, I want to run this by some experienced investors to see what you think. Is $390 a month a good deal for this type of situation given I don't own the property? Is $250 a month too much or too little to offer to him? Any input would be appreciated. Thanks!