Lease option for an investment property?

[Cherylynn Jones-McLeod]

Hello BP Family,

This is my first post and I am a newbie investor...so be gentle ☺

My neighbor is looking to sell his mother's home (which is next door to his home) through an auction sale. He owns it out-right but has to pay taxes on it which he doesn't want to do long term. Our neighborhood is an awesome investment area; however, most deals are gone. The house needs a lot of work and he is planning to sell it as is.

I am very interested in the property, but am not able to buy it outright. I would like to convert it into 2-3 apartments (like many others on the block) and keep it as a buy and hold.

Would it be possible and logical to offer him a lease option for a specified time period, while I renovate and sublet each apartment until I can pay off the balance. 

Is this a crazy fantasy or should I continue to research this option?