Lease Option with very high payments

A freind of mine took advantage of this last real estate boom by purchasing many different homes, keeping them for six months or so, and selling them. He made a lot of money, but now as I expected, he is now stuck with several homes that he is having trouble getting rid of.

He is now talking with another investor that claims that he can find people that will pay his monthly payments in full with an option to purchase in one year. This sounds weird to me so I wanted to get another opinion.

For example: (His worst situation)

Value = $415,000
Loan Balance = $406,000
Payments = $3,000 / Month

The investor he’s talking to says they can find someone to purhcase with a lease option and pay the payments in full ($3,000/month)

Does this sound right with such high payments and very little equity?

No, that’s not right. I get leads like that all the time. People in over their head, and they know it. Thy know the only way out even if they sell on a lease option is to pay the negative. You can’t expect someone to pay $3000 a month in a $1500 a month neighborhood. Also on a deal like that where there is no positive cash flow or equity the only way to make money is option consideration or assignment fee.