Lease purchase strategies

[Maggie Nickerson]

Hello fellow BP's ,   I believe that my brain is on information overload and I cannot seem to figure out the best strategy for a purchasing situation that has recently Been presented to me.  

Scenario : my real estate agent presented me with a property that has been on the market 328 days recently the spouse has passed away and the gentleman just wants to sell his house that he owns free and clear. I presented him with a lease purchase offer and he was open to the idea however the seller wanted 50K deposit , so I did not counter and walked away. 90 days has passed since and still no offers on the house. This is a beautiful piece of property 6 acres waterfront boat dock main house guest house three-car garage shop beautiful gardens ARV is $879 he has it listed for $975 needs updating house was built 1986 , repairs 30 K.

 I would like to come up with a win win financial strategy, he wants to sell the house I would like to purchase the house, do the repairs and flip it in 3-5 years. I plan on making the main house my primary residence and renting out the 2 bdrm apt. 

I would like to take title as I am spending my money for the repairs, and be able to sell for a profit in a few years.

My thought was  to offer to purchase the house on a land contract,or lease purchase with 3 year differed payments, so that I am paying interest only, I would be allowed to upgrade and renovate the property, take title of the property, after the 3 year term I could sell and split the profit with original seller, or keep property and extend the term or..... I'm at a loss of how this strategy would work much less write up an offer!   

 Can anyone out there in the BP world help me figure this out and understand lease purchase strategies so that I can make an offer to purchase this property 😀

Thanks in advance,

Maggie