Subletting as a strategy

[Sam W.]

Have an idea and would appreciate everyone's thought.

There is a vacant 3-plex next to a 4-unit that I own. It has been vacant for about 2 years though the owner maintains it and is current on all taxes.

About six months ago I approached the owner about selling the property to me. He relayed to me that he had inherited the property and, though he really did not want to be a landlord, he did not want to sell the property either. So, it continues to sit empty.

I've toyed with the idea of approaching the owner with an offer to enter into a long-term (10 year) lease with him with the provision that I would be able to sub-let the 3 units. He would be responsible for taxes while I would be responsible for the maintenance, repairs (up to a certain limit [$2500?]), etc. The lease would have to contain a no-sale clause to protect me.

Thought and possible pitfalls?