Investment property deal -land contract?

[Brian Petty]

I'm looking for some knowledgeable feedback from everyone. I'm looking at a property that has a commercial space and a 2 bed 1 bath rental above it. The rental is occupied with a long term tenant rent (all utilities included). The commercial space I am looking to move my wife's business into it to avoid her per month rent. 

The owner had it for sale for the last 6 months and just pulled it from the market. He is going thru divorce and when I spoke to him about purchasing it he mentioned possibly waiting until his divorce was final. I'm looking at a cash offer lower but should I wait or should I look at a master lease agreement or land contract? Without actually buying would I get the rent from the 2bed unit? 

Anything you can add would be helpful. I've never been in this situation before. I also have additional opportunity with the seller on other properties as he is going to be liquidating to retire. 

Thanks,