1) You buy it from this current owner at 380K.
2) You find somebody with “Owner financing” to buy this condo at 450K in 2 years. You charge option fee of 5000 today. Monthly rental of 2200 a month.
3) Talk to HOA to explain that you found this buyer who promise to buy this house for 450K in 2 years, but they pay you the “owner financing” cost of 5000 upfront and 2200 per month. Please note, make sure that HOA understand that this is not rental fee, but owner financing payment to you like they owe your loan and pay you back mortgage payment. This is in fact a form of “lease-option”. But word it so that it looks like a “owner financing” setup.
4) Hopefully, HOA is okay with that.
5) After 2 years, most likely this family will not qualify for conventional loan so they will not be able to buy. That’s good for you. You let the option expire, you forfeit this 5000 upfront option fee.
6) You will find another couple to buy this house in 2009 with option price of 480K for another two year, raise your option fee to 8000 upfront, charge 2600/month financing fee.
7) Repeat this, every 2 year, raise option price at least 30K.