My First Lease Option Deal!

I signed my first lease option contract today. What a rush! I am pretty nervous too, however I am sure I covered all my basis, so this should be a pretty profitable deal.

Specifics:
3 bed / 3 bath / brick construction
2450 square feet - built in 2004
Total Debt: $195,000 ($1,550 monthly)
Estimated ARV: $235,000

Stragtegy: Lease it from the seller, find a tenant buyer who needs some help getting their credit cleaned up, and sell the house in 2 to 5 years. Option Deposit of $10,000 or more will be required (contigency money), monthly payment of $2,000 ($450 spread), end sale price of $235,000.

Total Profit: $40,000 plus monthly spread total (depends on how long the tenant buyer leases before they buy). My profit will be less because I will most likely help the seller with their closings costs when the time to close comes. I am doing this because the seller is in the military, and it's my way of saying thank you to him for serving our great country. I am guessing closing costs will be around $7,000.

Now I need to find a tenant buyer! I am so stoked right now, all the money and training I have put in over the last 9 years looks like it is going to pay off!