Florida Wrap Around on Underwater property

[Marc Bracy]

What's up guys, got a question for those who are far smarter and wiser than I am.  I have a lead that is technically upside down, but cash flow wise is in good shape - Here's the quick breakdown and my idea of how to make this work:

They owe 85k property is worth 75k.  It's a very good area for rents so all in all the property would be cash flow positive around 250 per month.  Their credit is in very good standing so the seller intends to purchase another larger home for their growing family.  

Would a wrap around mortgage on a sub2 deal be worthwhile?  The property needs VERY little to bring it up for market rents.  I was also thinking it could be a decent lease option as well.  

Purchase Sub2, real estate attorney draws up wrap around mortgage to satisfy sellers debt to income ratio(I would assume they would need a little seasoning time so maybe they need to rent for a year or so), then I could do a lease option to relieve myself of maintenance costs and have an exit strategy or rent it until my LLC/Trust can refinance and just hold it.

Am I missing something?