Structuring an Offer to Purchase

[Mark Dante]

Let me preface my question by acknowledging that there may not be a viable answer. Hopefully somebody has an idea/experience. I am looking for ideas/advice on structuring an offer to purchase a strip plaza.

The subject property currently rented out at only 30% capacity. The owner is absentee and has treated the property as such. It needs a lot of work. It was not listed for sale. But after doing some research, I was able to get hold of the owner and discuss the possibility of selling. I am hopeful that with some work the large vacant unit can be rented out.

I'd like to reach out to some potential tenants and gauge interest. If I could get a commitment from a tenant for the large unit, then I'd go forward with the deal.

1. Would it be unorthodox to ask a seller to place a contingency [that I find a tenant] in a contract?

2 If contingency isn't an option, what do you think of doing an Option to Purchase? If so, what time frame could you suggest and how much ($) would you suggest?

thanks for the advice.