Wholesale Lease Option

[Joseph Chillemi]

I reached out to a real estate broker and asked for properties they are having trouble selling i.e. rough shape or other challenges.

The realtor mentioned a property and I am looking for some conventional direction on how to work with the agent on a wholesale lease option. 

Property is in rough shape. Needs $195k in repairs. It is a legal 2 family however the meters and living space are not separate yet. 

The owner inherited the property and the property is free and clear. Owner is asking for full comp market value $650k.

I could do the marketing and find a rehab buyer or wholesale lease option the property to someone who wants to work on the repairs for 2 years while living in the property.

What's the best way to approach and is this really a good deal?

If I want to wholesale flip, the agent doesn't believe the owner would take MAO of $291k.

The agent is open to a WLO but I am not sure how to structure the deal with the agent involved...i.e. how would either of us get paid?

Any recommendations?