Lease option to purchase multi-family

[Jeremiah Chase Wood]

Hey my name is Chase and I'm a newbie looking for my first rental property.  I have done two flip homes but am looking for a buy and hold.  Ive had my eye on one for a while and have negotiated a good purchase for it however my funds are tied up in my current flip and a spec house im building.  I was offered by the seller to do a lease option but I am unfamiliar with it.  Does anyone have any experience buying a small multi-family with a lease option?