You would need an executed and recorded mtg/deed of trust against the property he is selling.

It really comes down to being an expert in that particular market and your ability to execute as an investor.

Lease options have to have something extra in it for you as the owner to make it worth your time tying up the property for a year and potentially forcing you to forego future appreciation when they execute the option.

They will also need an executed lease - meaning a lease that is signed by all parties and the security deposit in your account. 

Get some knowledge, set some goals, and execute a plan. 

I do my best not to mix personal with business, that said, no one on my side of the family really has any money and I didn't even want to approach my wife's family until I had a proven business model that I was successfully executing.

Anyone with a lot of cash and under pressure to do a  deal is in a vulnerable position, and having that knowledge cuts down the extent of how vulnerable you are.

Analysts work closely with senior management in real estate transactions, development, and management, with a focus on qualitative and quantitative analysis as well as deal execution.

Just some advice besides the goal of getting a property by the end of the year come up with a plan of steps you would need to do to get there and when you want to execute them by.Good luck!

If this is what you have been looking for and you have talked to the seller and found out his story of retiring from the game, looked at the numbers and it makes sense for your "WHY", then all that is left is to execute on the deal and stay on course with your due diligence on the asset itself.