Lease Option Question
I have found a FSBO that is selling a property for $185,900. They have an appraisal on the property for $200,000. The seller would prefer to do a lease/option.
Is it wise to go for a property like this?
Is there enough equity to go for it?
Thanks for the comments! 
If your market can handle a renter...Tenant/Buyer in that price range... yes it can be a good deal....
what are all the terms????
We haven't gotten to that point yet. I was think of selling it as soon as I could. Good or bad idea?
Work on the terms of the deal. Equity on the table and can work in your favor.
[addsig]
I suggest doing a sandwich l/o if you can get the right terms. What are the area rent rates? Can you get the your payments a couple hundred under what the rent rates are? Is the seller willing to give you time to get someone into the property? If so do the deal subject to you finding a tenant. I would also suggest getting the longest term possible out of the owner 5-8 years if possible so you can cash in on the appreciation. Maybe just rent it for a few years take the cash flow and then sell it on a lease option to someone else, refi it and keep it, or just sell it then and cash out. Hope this helps.
Will there be seasoning issues with this?
Shouldn't be if you can file a memorandum of option or at least a notice of interest.