Lease Options?

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Hey everyone,

Today I made an offer to a seller in my area. He told me he owned the house out right, but he didnt live in it and it just wasn't getting a ton of use anymore. He wants to unload it but he didn't like my offer. The ARV is $420,000 and the seller wants $400,000. It doesn't need a ton of work but it needs some cosmetics and windows. After I told him my offer he said, "well I don't want to go below 400,000 so thanks anyway, I think I am going to rent it out instead, so I am not losing my 1,000 dolllars a year with taxes." I told him sounds good and hung up. The reason for this post is, is there a way I can bring the idea of a lease option to him, take care of finding a tenant, possibly getting his asking price in a few years and still getpaid? I don't entirely understand all the details with the lease options yet, but is this even a situation to use one?

Hope that made sense. Thanks in advance for the responses!