Seller Behind on Payments! Possible Sub2??

[LeJon Ratchford]

I have a seller who has a two bed bungalow and is 3 months behind on there mortgage. This property was once an investment property and his tenants tore his property up. He is afraid that he will lose the home he lives in because of this two bed bungalow.

He is willing to do a sub 2. Now I am waiting on him to email me over all the basic information on the property. Lets say this deal is ok to do after performing due diligence. Say I want to lease option the property and use the down payment to bring the loan current, along with making some form of profit. How would this procedure be done?
LeJonR