First lease option/purchase deal ?

[Michael Lerch]

Have a seller for a lease option deal. This is my first one so I want to run past the details with you guys to see if this would work before I make a mistake.
Here's the details. Seller wants to move closer to work because it's close to an hour commute and would be happy with just getting out of it.

House is worth $130,000 as-is (range for houses on street for 4/2 house is 130,000 to 140,000)
Owes $129,000
Payments $900
HOA $30/mo
built within the last 5 years so it's in decent shape. Needs carpet cleaning.

My Terms:
Lease option for $130,000 with $1,000 down for option
$930 a month for 2-5 years (is a longer duration better? Guess it depends on what tenant buyer I get for it)
with selling/assigning to tenant buyer as an exit strategy.

Tenant buyer terms:
Purchase price of $138,000 in 2-5 years
$4000 non-refundable option
$1200 rent (average-high on rentometer)
offer seller concession for closing costs instead of rent credit (heard mortgage underwriters like it better that way)
and tenant buyer is responsible for all maintenance under $500 (or all?)

Am I missing anything? I was wondering if I looked at an amortization schedule for 2-5 years down the road and say I'd buy it for that much lol, could I do something like that if the guy doesn't care as long as he gets out from under his house? Any tips or words of wisdom? Thanks