First deal opportunity

Ok, I need some objective thoughts and decisions. PLEASE. This being my first deal opportunity I would Like some help. Ok, here goes. I just got off the phone with a woman who will sell to me for a couple hundred dollars. The mortgage will stay in her name and I will make payments. The owed amount is ~115k and it's CMA is ~145k. Here PITI is 1,010 and she is located near a comunity college. I would like to lease-option it out for about 1200 a month. with a down payment of about 5k. if this is doable please let me know. I beg for some objective opinions since my feelings are on a high because it is my first opportunity. :coolgrin: I will take what is said to heart. So be blunt and honest. I would also need to know what forms to have ready for my attorney to look over. Thanks in advance, Dan