I would probably write a contract that states that I'll mow his yard approx. 30 times a year for the next 4 years (that's $60 per mow = $7,200 ). If something happens that I can't mow it anymore, I would have the option to pay him the balance remaining on the agreed upon price. What do you all think...?? Good deal??
Bad deal for you, good deal for him. Mower will depreciate as you mow each yr decreasing its value. Buy it outright or buy something else. Just because its worth $7200 based on whoever's opinion, Dont mean you should pay top dollar. I'd offer 5K based on you mowing his yard in lieu of $.
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If you think it's expensive to hire a professional to do the job, wait until you hire an amateur.