My first lease option

[Mike Watkins]

the house is a 3/2 all brick house on a 1/2 acre lot with a fenced in back yard. I have the ARV at 103,000. The market rent is 940/month. The guy didn't like my all cash offer of 45,000. He wants 65,000 for it. I asked him how much he would want per month if I made payments. He said 600 a month. I think I can get away with 700 per month and make 100/month.

I then spoke to an potential tenant buyer with 3,000 saved up for a down payment. They pay 1200 a month now. I'd also sell it in the option for 75,000. 

I have the lease option contract I found in the files area. My next move is to come back to him on Monday with the lease option. I know I have to have one to him and one to the buyer but how do I structure that and is this a good deal?