How would you structure this deal for a win - win?

[Alex Vargas]

I'm in the talk right now with a local investor to owner finance on a duplex that he owns through a lease option. 

The current value of the duplex is at about $210-220k.

His terms that he talked to me about and through out are: 

3 year lease option.

$300k purchase price (Nashville is in an appreciating market but not that much!) I think thats high based off comps.

With a down payment. (not sure the $ amount)

Rent: $2400/month. 

He bought this in 2015 for like $150k

Its a great duplex in a B neighborhood that has been taken care of, but i'm just not sure on the terms to negotiate here.

You investors that have done a lot of owner financing how would you try and structure this deal for it to work well both ways?

I'd rather do a land contract after reading on it and learning more about it...

I've just heard and read that lease options usually dont pan out... I dont want to own this in three years... I want to own it this year or now.

This guy is also a commercial and residential Loan Officer.

Concerns: 

1. I know he mortgage isnt $2400/month. theres no way... So why would I pay that? I only want to pay to cover his mortgage especially if i'm paying taxes, managing the property, and taking care of upkeep and vacancies! 

2. A lot can happen in three years... economy can take (dont think it will happen but who knows), lose job, have triplets (its in the genes), I mean fear of the unknown is a real thing.... reason I say that is that I dont want to have the option of buying that in 3 years (i'd rather 1 year) I want to own it ASAP and cash flow.

3. This is my first RE investment... I have good credit 720+ not a two year work history with 1099... and my wife hasnt been at her job for 2 years either so owner financing is the easiest way for us to get into an investment right now! We want to househack.

Okay, sorry for the long post... just so many questions and i'm all about minimizing risk... What do you guys think and why?