I've actually met one, however he (go figure) is extremely busy.How do you propose to structure the contract?

You can't use the stock market terms and analysis and do it justice.What you are proposing is overkill for what is really a very simple analysis...if you use the proper sources/numbers to do it.Analyze Markets first to find Micro-markets. 

I might suggest proposing returning half the deposit, which is substantially more than your obligation, just to try to get things back to smooth and friendly.

I could have taken my purchase / rehab proposal to the bank for a 30 year with a construction loan on the front side and conversion on the back.

32 unit listed for 3.5 million in florida.  Seller owns the property free and clear and is interested in lease option.  How to do it?, 

You either continue at a lower rate of return/margin, or have to propose a significant rent hike just to get back in line with market rates.

We have a good relationship where I am able to easily approach her with the proposal of a purchase money mortgage or a lease to buy option.

Read those minutes and see if they are proposing any plans that will influence the owners financially, like a special assessment, changing rental requirements, etc etc. 

and the seller will know it includes land use  utls  market study any number of things that go into developing property for resale. and if there is an agent involved they will know.once you do your due diligence then you come back with your findings and tighter terms  .. in our state you must have a pre app meeting which are very useful... these usually cost 1 to 3k per pre app.. and you need to have your mock up of what your proposing.. good to have your civil with you..

Texas got so pissed off a number of years ago at LO'ers they even legislated tough lease-option regs because of what investors did to LO / CFD investors did to tenants.Run a clean, ethical business.