He had the demo done, leaving the garage standing, because a neighbor had expressed interest in buying the property for the purpose of using the unscathed garage for storage and he could therefore give up his current storage units. 

Be sure to express that he wouldn't have to give notice until after all inspections, and be sure to go above and beyond to prove yourself financially sound so he doesn't have to worry about it not closing. 

Both of my  tenants have expressed their concern about lack of storage.  

This post looks suspiciously like your previous post wherein you express a need for a service, then drop a link to a company that does that service.

It is a bit of a jump in cost for me monthly but I could do it.I expressed interest in buying it without an agent to save on the fees.

Regardless if this deal goes through or not, it is important to have a contract ready for the many more deals that might pop up in the future. 2) I would send a letter of intent, out of courtesy, expressing my interests in a professional manner.

I have a couple of tenants who have expressed an interest to buy the house.  

You're trying to find a way yo monetize the opportunity however all I see is that you've observed a house and (anecdotally) connected with a lineal relative who expressed no interest. 

Renting for $1250, appraised for $142,000.00 I really wanted to express the creative financing and no money down deal. 

Basic accounting definitions:Asset: Things that are resources owned by a company and which have future economic value that can be measured and can be expressed in dollars.