Posted by Tarun_md on March 09, 2000 at 17:39:51:
In this situation, I would prefer to get the deed instead of doing a lease option. Also, I would want to know when does the lease expire with the tenants who are in the house. If the lease expires in a long time, that could be a problem, unless you can increase the rent to cover the mtg payment.
After you get the deed, you can sell the property on a wrap and get a nice downpayment, which should cover the backpayments.
Hope this helps!