Is a Lease option with no set price or end date possible?

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Hi all, I would love to get some input on a cottage I am trying to purchase. This needs to be a win win for both me and the home owner. 

I am working with a homeowner in NC who is willing to let me Lease a run down cottage on his property with the option to purchase the entire property including the main house in the future, when he is ready to move out. The town zoning will not allow us to separate out the cottage from the main home.

The owner is 75 years old an his health is not great. The Cottage needs a lot of work. The property is in a great location and has fallen in disrepair as his health has declined.

Here are the things that make this tricky; 

        The owner does not want to name a sale price for the property since prices are currently going up.

.       There is no set date for the end of the lease.

         He wants to keep control of the property and knows he will probably eventually need the money from the sale                to cover assisted living.

         Since I will be putting money into the Cottage I would want that money to be deducted from the sale price of                   the home.

Does this sound doable? Can language be written into a regular lease option agreement to address these things? Should I have an attorney draw this up?

Any suggestions would be greatly appreciated.

Thank you for the input.

Alex

[Bill B.]

You’re just a renter.

Without a set price what good does a credit do you? Sure. I’ll give you the $10,000 you spent on the property off your purchase price. The purchase price is $1,010,000. So you owe me $1million to purchase. 

Without an end date is the agreement month to month? He can cancel the deal anytime he wants? Or is it not cancelable and he can make you rent for the next 50 years?