With this same property and an estimated rent at $1000 a month here are the numbers:Mortgage $485 (75k at 4.75 for 20 year amortization)Taxes $100 (This is a guess because I have no idea what they would be in your properties area)Insurance $50 (This is also a guess but I am basing it off of my own rentals)Property management at 10% $100 (This depends on if you will be managing it yourself or not)Capital expenses savings for repairs 10% $100Vacancy 10% $100Monthly cash flow = $65 (6% APR rate of return on your 13k left in the property).Now there are several variables in this example.  

I hear lots of year plus, so it probably depends on the lender and that's something you can ask around.Not at all, IMO.

Depending on what kind of loan you had in place at the time the foreclosure was recorded.

@Yvette Allen,  I reckon it largely depends on your long term goals, and your negotiating ability, as to whether it'd be a win-win at least as much for you as for your Buyer.

So if they don't exercise the option then I may need to put in a couple thousand dollars to do some repairs and such and it may stay vacant for a month or two, but then when I  put in another person that wants to purchase the house I collect another option fee of $3900 upwards of $10,000 depending on the property.

I would just be careful and only use a credit card depending on what your intention is. 

As you know could take a minute depending on title results.

Start from there to see if you want to offer similar or better brand/model depend on your target sales price.

@Brian Leu The type of entity you use depends on what type of activities you're doing.

Depending on your criteria I am sure you can find something in those areas that could be a good deal for you. hope this helps and good luck.