Lease option or land contract on duplex?

[Emilio Basa]

Hello, I've been in contact with a potential seller. I met them while walking around my neighborhood and noticed they had an estate sale sign and he was selling a lot of his stuff. I struck up a conversation with him and he tells me that he wants to move to California by the fall and is slowly unloading his stuff. I asked what he was planning on doing with his house (duplex) and he said he didn't want to be a out-of-state landlord and was looking at all of his options. I told him I can help him find a buyer, refer a real estate agent or possibly buy the home. I really want to try and own his duplex and will give him a monthly call to see how the move has been progressing. He still plans to move and I'm hoping to try and work out some kind of deal with him. I don't want to get a loan with a bank. I want to see if he'll take $5-$10K as a deposit and then I can pay him a monthly fee till I pay off the property. The question is should I do a rent to own where he still pays the taxes and insurance or a land contract where I pay taxes and the insurance. Also just want to tell you that this house is paid off for. I'm hoping that fall gets here much quicker than expected and he becomes a motivated seller and is willing to get monthly cash flow as opposed to a buyout. What are your thoughts?