a Lease-to-Buy/Own Questions .... Need Advice Please

[Michael Dunn]

So I'm currently in a situation with a Property that I've never been in before, and need some help please, in how I should go about it . proceed , as well as a Refinance Question 

The Scenario:

So i talked to a Title Company (a Lawyer ) , and he said that I could do a Lease-to Buy/Own 

It would take 1 and a half years  ( TN/MS State Probate Law ) , before I could " Officialy " Pay for the Property and thus own it 

My Lawyer said that we could Set it up this way ( as Long as the Heir of the Property agrees to it ) ......... I could go ahead and Start fixing the place up ( Renovating it ) ...... It needs a lot done to it. 

Once I have it rent Ready , I could go ahead and start renting it out to someone 

Then come the Year and a Half mark , I would pay her the Amount that is agreed upon in the Contract we both sign 

My Questions are :

1. If I use my Own Cash to repair and fix the Place up ...... during the 1 and a half year Probate period ,....... Will I be able to Refinance the Property based on it's ARV , so that I can get my Cash " Back " ?

2. What ( if anything ) to I need to make sure is written in the Contract, for when she ( the Heir ) and I sign the Lease-to-Buy Contract ?

3. Once the Contract is signed / dated and Notarized ....... No one can Back out on the Contract correct ?

4. Even though the States Law says that 1 and a half years is the Probate time period ....... Can I purchase the house from her BEFORE the 1 and a half years is up ?

Thank you for any and all help ..... Title Searches, using a Lawyer to draw up a contract and Probate is all new to me . Just want to make sure I know all of my Facts before I have the Lawyer draw up the Contract next week 

Thanks so much