Creative purchase/ options idea

[Charlie Massey]

So I have a 14 unit that is off market and I have been talking with the owners for months now. Their father owned this property for 30+ years and passed away a couple of years ago. One of the sisters has been managing it, but are getting older themselves. They want to sell to someone that has compassion for the tenants and will take care of the property. They don't want to owner finance much of the purchase price and on top of that want a lot more than it is worth right now. There is no way it would appraise at what they are wanting right now and I don't want to put down 20% plus whatever the difference in appraisal is. 

My thoughts are that I put a 1 year option on the property at a purchase price that they like. My team would take over the management and put money into the property knowing I would lose this if I don't exercise my option. I could easily make this property worth a lot more then the purchase price within a year by raising the rents and improving the property. Within 1 year, I should have no problem getting the place appraised and might not even have to put much down. That is the plan at least. 

Does anyone have any thoughts? I haven't gotten with the owners on this yet, but I think they would consider this. I know there is a good bit of risk in doing this, but any thoughts or help is appreciated!