Structuring a deal advise...Lease Option

[Anthony Pimentel]

Hi All,

I need some advise, I purchased a property from an investor who's retired and already living out of the country. He owns multiple SFR's in which he would like to offload. He's currently traveling but he promised when he returns he would sell me the other property at the same price I bought the first. The problem I'm having is I don't have enough down payment for now to close the deal in the next few months.

The property has good tenants and they would like to stay.  How would I go about structuring a deal that would allow me to get this property?

He briefly suggested I can do lease option w/ 10K down but I'm not really sure how that works.  If I put 10K down then what?  Do I pay him monthly, or do the tenants pay him?  I would like to manage the tenants and have them pay me monthly and I pay the owner what ever we decide for payment.

I would love to hear your suggestions.  

Thank you!