What would you do? I have a seller who wants to get out of his 4 plex. Willing to do a lease option - I take over his mortgage payments for 2-5 years until I can refi in my name.

[Gabriel Meerzo]

Property is worth 80,000 - 90,000

Original loan was 100,000 with a property value of 120,000

I would be taking over at 82,000 due on loan at 7.5% (just taking over payments on his mortgage as I can't get conventional or private money)

Net income is $1550 monthly

After expenses it cashflows about 280 a month

Problem - He is 3 months behind on mortgage

He has owned the property since 2000 and done a lot of work to it. He is willing to just sign this easy (for me) deal. What am I missing. It seems to good to be true.