How to structure Purchase Option so that I can retail after rehab

[Don Harris]

I'm looking at an opportunity property that the owner will lease to me with the option to purchase at a wholesale price. The property needs rehab. I see this opportunity as "owner carry" while i fund the rehab. Then retail out.

What stipulations , cautions, experience do you have with such transaction so as to advise me to include in my documents. 

Thanks,