Multi family lease to buy

[Lucien Perreault]

Good afternoon BP,

I came up with a crazy idea after my loan fell through. Has anyone ever lease a multi family building with the plan of purchasing at a later date?

I have a triplex that I had under contract but FHA fell through due to exit doors and zoning. With that being said, the place appraised for the agreed price and it's in a fantastic location with a ton of upside and has huge STR potential because of the naval base next to it(boot camp graduation every Friday).

I thought maybe I should ask to lease the entire building, run the whole operation and fix up the property. Once it appraises for much higher, I’ll get the funds to buy it outright.

Thoughts?