Buying Via Lease Option

[David Kilgore]

I am currently looking at a property that I would like to acquire via lease option. My plan is to turn this into a rental for at least 5 years. I understand that the seller and I must agree upon a master-lease outlining the terms and operations of the property. There must also be a clause that will permit me to sub-lease the property. My question is who typically pays taxes and home insurance on a deal like this? I would assume that since I would be managing the property and covering repairs would it not make sense to have the seller pick up this end? Can anyone offer some insight with the formalities of these types of deals?