Calling All Creative Financing Gurus - Is There A Deal Here?

[Nick Zocher]

Hi all,

A lead from my foreclosure list called me with some inquiries, and explained that he is looking for someone to buy his house cash and then lease option to him. He was unable to give me his mortgage balance, but says he is $200k behind in payments. 

Is there a potential to buy using a hard money lender, and then lease option the home back to him? The house has a market value of just over 1 million so I doubt I would be approved to refinance to a conventional mortgage.

Any other strategies that could allow this to be a deal?

Thanks!

Nick