Lease Options Deal - 3/1.5 in decent neighborhood

[Dan Roma]

This deal came up this morning - the homeowner is currently owner financing the deal at $1000/mth for the last 6 years plus $80/mth in insurnace; no taxes as original owner is exempt. He wants to get out and buy a different house(family decision).  He owes $70,000 on the remaining note. So, it would cost me about $1080 each month to service. I checked appraisal values and its anywhere in the $90-$100k range so I dont think an assignment would work here.  But, this could work for a lease options. How would you guys structure this and how good is this deal? Its in a decent neighorhood and rents go for $1200-$1400. How would you approach this?