An opportunity I'm unsure of, need help figuring out how to structure the deal

[Jennifer Clancy]

So I have been remodeling a 4plex currently financed FHA, we hope to refinance in January. Now the stumper....The owner of the 4plex across from me is selling and the building needs almost as much work as ours to bring the rents up.

We purchased ours for $450K and put $40K cash into the renovations in addition to our down payment.  If we had known the extent of the unseen damage we would have offered $430K.

Now I met with the other owner yesterday and we discussed me mananging her property for a fee as she is an out of state owner.  She is currently improving two of her units not as exstensivly as what I have done because she doesn't want to over improve it since she is selling.

Her property is paid for but she has been offended by the low offers she has recieved from other buyers and said, "why should she sell for any less than what you bought it for."

My question is: Is there a way for me to set up a deal with this seller that will allow me to both manage the property with the sole option to purchase it within a certain amount of time?... Brandon Turner bought an apartment complex in a creative way and I'm hoping there is a way I can do something similar.

We will receive cash upon our refinance (about $40-$50K) and we have another property that we can sell and it will gross approximatly $70K, we would like to purchase this property with that money and still be able to improve it.

Any reading material or personal experience would be greatly appreciated, I really need the help figuring out my options.  Thank you.