How does leaseback work and closing on the property?

[Pedro Amador]

I might have a deal that another well known investor has but does not want to work on ATM. In the details it says 45 day leaseback and 150 on day 46 with a 5k hold. 

SO i have a few questions here 

1. who gets the money from the lease back or who gets the 5k hold?

2. so does this mean i can close on the property and i have to go ahead and pay and wait 45 days before i can get in there and work on the house ?

3. what things should i worry about with the lease back and waiting 45 days on top of the 3 month time period im giving myself to go in and out on this project?

thank you for your time.