How do I structure this deal?

[Jason K.]

Im looking for owner financed deals in AZ and  I found a property with four buildings and a vacant lot. Actually its three separate properties but consisting of that arrangement.  Owner wants to unload the whole enchilada. 

Of the 4 buildings, two are rented and bringing in 1100 together. The other two are vacant and in need of some rehabbing to be rented. One could feasibly be rent-able in a week, the other maybe more like 6 weeks. I'm a contractor and would handle the rehabbing. Its all easy peasey.

I believe I can get 400 for the vacant lot, 500 for one of the vacant units and 650 for the second unit.  In fact Ive got interested parties in the lot, and one vacant unit as soon as they are avail. 

Total income from every thing would be around 2700/ mo and that's pretty conservative and considering the condition of the units.

Owner has an asking price of 275k and is willing to carry the loan for a few years 3-5. 

I'm thinking of trying to do a rent to own option where I would pay owner rent of 1200 and an added 500 to be applied toward the balance. Id probably have to put up 10k in the front end to make the deal happen. I'm definitely new to any sort of creative financing so I'm wondering what the other more knowledgeable BP folks might have to say about this.  

In all there is probably even greater cash flow to be taken from the property but it would likely involve planting a prefab or mobile on the vacant land.

Advice is highly appreciated.