Leasing a property, then rehabing and renting it out.

[Stephen Crosby]

I have a friend who owns a home that needs to be renovated. No one lives there. (Left to him by his father when he passed). He has no motivation or knowledge on how to do the reno as I do. He is willing to sign a 5 year lease with me, I do renovations and then I can rent it out until the 5 years are up (I plan to include a buyout clause if he changes his mind) He gets the home renovated, I get into real estate without having to buy a home right now. I plan to take all proceeds from renting it out to purchase my own rental home. Are there any pitfalls that I'm missing in this plan?