taking a chance
We live in a very small town that may or may not grow in the next couple of years. We live in a manufactured home/ land package and are planning a lease option with perspective buyer. We wanted to sell it for the price owed on the mortgage, but buyer can't come up with all the down, so we are planning to lease with option. He can come up with almost 1% down and the rent would be the same as our mortgage plus $100.00. This is a little higher than the going rate for a rental around here. After the 2 year lease, we are basically letting him have it for the price that will be owed left on the mortgage. We have been trying to get out of this area for a couple of years, health issues and a much too repressed area for us. My question is would any monies be coming out of our mortgage payment , as obviously we will keep making the normal mortgage payment, and his extra $100.00 would be income for us, (doesn't change our tax bracket)? we are not planning on putting down a selling price on the lease, as we don't know the owed amount after 2 years. 
You can and should put a selling price in the option document.Make certain that you are using 2 separate documents, one for the lease and one for the option. As to not knowing the balance in two years, every loan has an amortization schedule which spells out which portion of the payment goes to principal and how much is apportioned to interest. If you don't have an amortization schedule, call your lender and ask what the balance will be at the designated term. If that fails email me with the particulars of your loan and I'll figure it for you. From your bank contract I'll need the date it was done, the amount financed, the rate, the APR or the processing fees, the term and when you need a payoff for.
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