possible deal

i have a house that was built in 1960 its a ranch style house with no basement none of the house do in the area located by the lake can see the lake from the house has access. has 1 1/2 car detached garage. the owner has owned for 2 years has repaired just about anything you can think off fell into bad times house now in forclosure has 13 days till auction…from comps showing value around 150,000 owes 100,975 and also has 7,000 loan from last house prepayment penalties…he has 5 grand in the bank and makes 3,000 a month has no credit card debt …his dad now lives with him and wants to save it …my thought was to sell it to an investor for around 117,000 with the understanding they would lease purchase it back to him till he had the credit to purchase it and use the 5 grand down as the option money…any other better ideas?