How to purchase a $960,000 house with a lease to buy?

[Kyle Schmidt]

Hi I am pretty new to the business I am currently leasing a property in North Hollywood, CA that has proved to be profitable and now I'm looking to purchase a property to continue expanding the business.  I've been listening to the Bigger Pockets podcast for about 8 months now and it definitely gave me the confidence to get my first property going.  I'm reaching out to the Community for some help!

On the Podcast I've heard about people doing Lease to buy options, but I don't know how to approach an owner and how the breakdown of the option would work.  I would really appreciate any assistance with this.  

THE HOUSE:

4 Bed/3Bath

Located in Burbank, CA zip 91501

Owner is willing to lease it for: $3,500 a month

Selling Price: $960,000

The house is beautiful, all three bathrooms have been redone and so has the kitchen.  I visited the property and spoke to the owner about leasing it.

It had been listed for almost 100 days and the owner has dropped the selling price, but still has not had any takers.  The owner was only looking to sell and just a few days ago re listed it for rent because he wasn't having luck selling.

I do not have the Capital for a down payment, but I am able to pay the mortgage and/or rent by leasing the property.

I would appreciate any advice on how to broach the owner and possibly move forward with a lease to buy or a even a plan to purchase the home with no down payment if that's possible.  Are these possible options for a house with a price that high and if so what are some good steps to take moving forward? 

Thank you,

Kyle