Help with sandwich lease option

[Ru Monsell]

I'm interested in buying subject to, and currently have on the hook a very motivated seller with a nice house. Trouble is she owes very close to what the house is worth, or maybe even more, between her mortgage balance and HELOC. I'm looking for opinions on whether a sandwich lease option agreement would be my best bet, and if so, how to structure it. The basics are a house with a FMV of about $150k, no repairs needed, a mortgage of 115K at 5.75% fixed, and $42K on the home equity loan. I appreciate your input.

Ru