How should I acquire this Self Storage Facility, and why?

[Pat G.]

I am in talks with an owner of a self storage facility and I am wondering which option is better to purchase it. A Master Lease with Option or Seller Financing and why?

Here are some details of property:

- not listed, owner called me off direct mail campaign

- 260 units in 5 buildings no climate control and 70% occupied (unverified)

- owner has price in head of $1,350,000, probably from a broker

- owner brought up seller financing in talks

- I should receive financials this week from accountant

- property is free and clear

- agent for Penske truck rental - only one in 10 mile radius 

- paved, fenced, and has security system (unverified)

- house/office in front of facility with 2 employees - 1 is live in manager

Thanks in advance for your input. I am also looking for debt investors on this one as well. Owner owns other property in town such as cell tower, vacant land and a sub shop and he has owned this property for 17 years and he is ready to retire, he is 71 years old.