Lease option to help seller delay change of ownership?

[George Waters]

Hey All,

I have an interesting deal underway over in PA. The deal is for 1 duplex & 1 triplex next door to each other with the properties currently fully occupied. 

I have locked in a sale price with the owner to purchase both, BUT (here's the complicated part) he has to sell his primary residence in order to become an accredited investor to be able to complete a 1031 exhange into a REIT with the proceeds he gets from selling me the two properties.

We would like to take control of the property ASAP since we plan to live in 1 of the units. We are trying to position some sort of lease-option/purchase agreement for the properties for 1-2 years while he does what he needs to do. Our main concern is locking in our price & have the funds we continue to pay as "Rent" go towards the purchase down the line. 

The owner has agreed to lease option type of contract, but we must draw it up! Really interested in finding out if anyone has gone through a situation like this & has some advice or any other helpful resources to guide in getting this deal closed!