Lease options in Michigan

[Arthur Rivera]

Hello guys! I'm reaching out because I recently just had a PA signed and I am now switching it to a lease option because that helps get the seller to her price and what I believe is exclusive rights to purchase property for the next 12 months for me if I'm not mistaken. I have never done this before, I live in the state of Michigan I have heard lots of different things, but believe this is an opportunity! It's next to one of the largest national projects as far as infrastructure, it's the new Gordie Howe International Bridge. I'm three blocks away from that project, and it has lot of potential. I have a template for the lease option and I'm supposed to mail it out to the seller because she had agreed to it... can anybody please help shed some light on the subject. 

Below are some other facts about this deal:

3 lots total

badly burnt unit (Probably has to be torn down, but basement is in really good condition)

Michigan Department of Transportation (MDOT) stated that if we happen to be in footprint of project or any future scope change there would be a "good faith Offer" given - (another possible exit strategy) 

Plans are to make it a multi family (Duplex) and test one side for possible short term rental. (also thought about it being boat storage until local development catches up so at least it would cashflow something) 

going to wait for about one year, before we take any major action (Bridge Development should be rapidly moving along by then - Completion date for bridge is 2024)