Offer to make on a property that's on a lease to own contract

[Thomas Handy]

I came across a deal that the owner wants to sell his lease to own home that is under contract with the resident. The approximate value of the 3bd 2 ba 1750 sq ft home is $115,000, It's on a 7% loan for $680.71 a month. Rent is $1104.40. I don't have the tax information or the insurance yet but estimate no more than $200 a month but assume it's lower than this. I'm just using this for planning factors. I plan to make a few offers to the seller and see which one appeals to him. I can't think of a third but welcome all suggestions and even improvements to my first two offers.

1- Seller finance - 0 down for 15 years.
2- Work with the bank to assume the loan and pay the seller $5000.
3- ?????

Thank you,
Tom