Repair Obligations on a Master Lease

[David Gerard]

I am looking at a house that needs about $50K in repairs, which with the current asking price, would bring the property just around market value.  I have a personal interest in owning the property beyond just an investment.  The mortgage is paid off, it is a probate sale, and due to my just starting a business, etc., my loan officer advised me that I might not get the most favorable loan terms.

I'd like to propose a master lease to the sellers, but I am unsure as to who should cover the  cost of the general repairs, and frankly how to craft the agreement so that it is fair to both sides, and more importantly, attractive to the sellers.  Is there a template or can anyone point me in the direction of some general assistance?  Thank you very much.

Dave