Motivated seller agrees to LEASE-PURCHASE. JV/Advice/Mentor?

[Jack Tucker]

Briefly... I found a motivated FSBO seller that is willing to do a lease purchase. 3 bed / 2.5bath Home 2600 Sqft, built 2006 in GREAT SHAPE in GREAT NEIGHBORHOOD (North Oconee for folks from here) and includes unfinished 2 beds / 1 bath upstairs. Asking $260k FSBO and say it's their bottom dollar. If list with realtor, they said $290k. Lowest neighborhood price on market $292.

Current loan = $251k, $1600 P&I + escrowed ins+taxes.

Tenant just vacated was paying $2k per month. Seller is living out of town renting in another part of the country and are desperate to unload. Not interested in "subject to". More renters supposedly interested in house, possibly for higher rent. Remember, this is OFF MARKET.

Already verbally agreed to $1600/month with $13k down for 12 month with option to buy at $260k. I know flip margins are tight, so forget the 70% rule, but this location is HOT. There is also a renter with a dog willing to pay $2500 per month, which means I'd get 10,800 of my $13k down money back at the end of 12 months if I cannot sell above $260k.

ADVICE IS APPRECIATED. I have never executed a lease purchase, but maybe it's time. Any JV interest out there? Involved mentor?

DESCRIPTION:

Come home to a luscious landscaped, .99 of an acre, four sided brick all one level beautiful home. This home has all the amenities and will be move-in ready in February. Two story entrance way, vaulted great room with fireplace, hardwood floors, throughout living areas and hallway. Kitchen with granite counter tops and tile back splash, counter area for stools and breakfast area set in a bay window overlooking screen porch and fenced in back yard. Large master suite, wood look floors, two closets (one being a large walk in), tile master bath with granite counter tops, linen closet, large garden tub, spacious walk in shower. There are two additional bedrooms and a hall bath, laundry room, another half bath, and an abundance of storage. Need additional spaceThis home has an unfinished complete upstairs with bonus, bedroom and bath on the second floor which can be used for storage or can be completed in the future. Two car garage with painted mural. Safe, quiet, upscale neighborhood with street lights and has a sidewalk throughout the subdivision. Located in Oconee County with excellent school system. Just minutes from Hwy 53, Hwy 316 and Hwy 78. More photos are available upon request. Contact if interested. Also looking for both lease or lease-purchase agreement interested parties.
Neighborhood Description
Safe, quiet, upscale country subdivision includes street lighting and sidewalks thoroughout this neighborhood in Oconee County, which offers an excellent school system for your children. HOA dues are $250/year.…

This home has an upstairs that is complete, but is unfinished. This gives the owners the option to have ample storage space to cut down on the clutter in the downstairs living area OR to finish the upstairs to make this a 5 BR, 3.5 BA home. The rooms upstairs would make a perfect teen retreat or man cave! Includes Energy Star appliances. Cable & high speed internet available in the area.