Newbie Lease Option Questions

[Jordan Capps]

So I've really been wanting to do a few lease Option deals but I still have lots of questions. I was cold calling for some properties I found while driving for $ and came across a landlord. He has 20 properties but only wants to sell one. Said its just been remodeled and he wants 119k. I told him I could pay that but would need to do a lease option and briefly explained what it was but didn't explain it as well as I could have. Basically said it would be like I was renting it but then I would sub lease it out to another tenant/buyer. He said he has never heard of it but still sounded interested. I told him I would drive by and look at it and then follow up. Before I follow up though I want to have my numbers down.. so would I myself give him a down payment? Or would I give him a down payment From the down payment I get from my tenant/buyer? What all payments do I need from my tenant/buyer? What's a good down payment for a 119k house? Also lets say I'm paying him 900/month and that's the average rent in that area, would a tenant be willing to pay me $1200 since they are Renting to own? Also should I start looking for my tenant/buyer directly after I sign papers with the seller? Should I take paperwork to title company before I find a buyer or after? Really if somebody could give me an example of a lease Option with the numbers on a property from a FSBO that you have done yourself that would probably answer all of my questions... any info is greatly appreciated!