70% ARV Leaseback Option to buy agreement in Whiteplains, NY

[Geoffrey Jones]

Guys I have a really slamming deal near NYC. Property is worth 850000+. Owner wants to do a lease back agreement and will pay the lease upfront for 3 years with proceeds of sale. $136800 cash at closing! I am selling the contract for 600000. Rent in the area is about $4000- 4500 a month average. Agreement is for the owner to pay 3800 month for 3 years upfront at closing so they can live without worries for 3 years. After that they want to attempt to buy back the property at 850000+ or depending on market value which is still in discussion. I may close on this one myself or if I can find a buyer wholesale it for some good upfront cash. No repairs are needed everything is modern updated an super clean. I have the pics.

I have done quite a lot of wholesale deals over the past few years but I have never wholesaled a rent back agreement. 

1. Would an investor in NYC be interested in this deal.  

2. What forms do I use?

3. Will I be needing any additional forms for this as how can the owner sign a lease option if I or my buyer doesn't even own the property yet? Do I need to add an addendum to the purchase and sales agreement also?

[Jason Dillard]

@Geoffrey Jones What's seller gonna do with cash?