Rent to own property hack?

[Pierre Cormier]

I recently found a two for one deal too good to pass up and I'm now trying to put together the numbers to obtain the properties. The owner lives out of state and was trying to do owner financing but has since agreed to rent to own. My challenge now is to negotiate a fair offer for the properties that will get them in my name fast. The pair is listed at $55,000 so if I use numbers similar to a conventional mortgage with 2% interest over 15 years that comes to $357 per month. Here's where I make things complicated I want to use $2-3k per year from my taxes to lower the total number of years. I want to hack the property like others have done and use a tenant to pay the payments but also pay in $2-300 per month out of pocket to reduce the payment period.  I have suggested to the agent handling the property that i set up rental payments through an online service such as https://www.payyourrent.com/ to make things easier on the owner as well as handling any maintenance or repairs necessary for this property.  Similar single wide units in the neighborhood rent for $4-500 per month.

Anyone have any advice or suggestions for this deal?

[Christopher Phillips]

@Pierre Cormier

15 year mortgage rates are 4.25% right now. Seller financing is usually higher than bank rates.