From his description he lost the house already but he is looking to make a quick buck on the property he will not own.

I have been able to achieve good income levels with diversification across a variety of geographic markets and asset classes. 

What are you bringing to the table for this partnership, from your short description it sounds as though your friend and his wife don't need you.

There are a very few important points that I would add that are essential and, as I fine tune these aspects I can see my first lease to own option coming:Filtering: Buyer needs to be vigorously qualified over the phone and then underwritten for his or her ability to qualify for a mortgage on all important points for the geographic area that he/she is looking to do rent to own. i.e.

@Xavier BenitezYou need to do separate contracts for the following reasons :- If you are using a TREC contract you can only input one legal description- If you are getting a loan other than a commercial loan, you will be getting 3 loans so you will need 3 contracts- If you are wholesaling them you have more options to separate- You will want separate title insurance for each property- You will want a separate deed for each if you are holding them 

im a wholesaler in the phoenix area, I have some properties that fit your description, call me or email me and I will send you details!

@Jay Hinrichs gave a good description of his situation.

On paper (based on your brief description), I would say you have a good deal but I would dig deeper in to the rent roll. sqft is someone limited for a 4plex alongside those rents that you mentioned.

You and the Seller would mutually agree that this diagnosis seems to be an accurate description of the condition or problem.MAKE THE RIGHT PRESCRIPTIONOnce this mutual agreement has been reached, and you have identified the “pain” accurately, you can move on to phase three.

Isugest finding a mortgage broker in the same geographical area as your condo.