short term owner finance vs lease option for long term buy and ho

[Jason Morris]

I found a good FSBO where the owner is willing to finance it for a very short time, 1 year or less. A lease option maybe another option he would consider. The property needs about 15k invested to get it up to my standards, then I intend to hold it and rent for a long time. I've worked out 2 options for this:

1. a 30 year fixed mortgage with a 1 year balloon payment
2. a lease option (have not decided what the terms might be here to approach the seller)

I'd be hesitant to lease option and do any sort of work on the house, but that does allow the flexibility for me to opt out if I need to.  If I owner finance, that locks me in.  I'm new into investing, I have 1 property and am closing on a second soon (which is why I can't close on another right away, and this option works for me).  Any suggestions/thoughts are welcome.