., may not make sense for you.However, if you can find an tenant / buyer interested willing to purchase the condo a little below market $375K; sell them the option to purchase and then (separately) rent it to them until they exercise the option, you might be able to mitigate your loses a little better than a strait sale and bringing 40K to the table. 

A reason people may be interested in doing something like this is because that payment over a year, could minimize their down payment on the loan they select when they exercise the option.  

I like to bring my kids into mental exercises like this.

This is why, if you are like Ben leybovich, you write "interest or more" notes, which is a cross between your options B and C, but with a built-in option to if, when, and how to exercise amortization.  

On the last day of the class, we conducted a role-play exercise in which Chris acted as a hypothetical seller while the students pretended to be the buyer, and you can tell from how Chris played his role that that he’s dealt with many sellers before.Having said that, I must say that his system – getting 0% seller financing in return for offering the seller a higher sale price – is not for everyone.

Submission and satisfactory review of Articles of Incorporation and/or partnership Agreement, Company By-Laws and time stamped copy of the Cert of Organization.The term and conditions stated above shall apply from the date of acceptance, shall survive the execution of notes and/or other loan documents and shall continue to apply until the obligations or Borrowers are paid in full.This commitment is contingent upon the right of the Credit Union, at any time hereafter and from time to time, to review the commitment, to adjust the terms and conditions or to discontinue the commitment should the Credit Union, in the reasonable exercise of its sole business discretion, deem it necessary to do soTo accept this offer, please sign and return this original commitment letter.

Asking a bank to lend on a project where you're the guarantor and the size of the loan is many times the size of your balance sheet is likely an exercise in futility.  

However, if you are like most people, big ideas on being a first time landlord, or moderatly on your way, I would exercise caution.  

. / case)Lead-time:  2 man/days to cover ca. 1,000 SFThe purpose of this exercise is to see how the vinyl material holds the "Test of Time”, and compare it to previous experiences with other products, like carpet or tile.

(It is also free)  Aside from that prudent exercise, you (or someone else) could pull up the county record for the subject property and do some basic diligence on the mortgage to see where the balance might be today had all payments been made as agreed.