Analysis - Subject To (1st one)

[N/A N/A]

Seller is moving and need to sell:

Residential - Single Family
3/2/2 Ch/a - Good Condition
1444 Sq Ft
Appraised for $79,000
Bought for $75,900 2 years ago.
Owes $73,000

I want to purchase his home "Subject To" his existing financing.
Option 1 - Deed the property over to me and I will assume payments on the home & rent it out for cash flow.
Option 2 - I Assume his payments & rent it out for cash flow.

What would you suggest that I do? How do my options look? What other options are there?