I would collect a non-refundable option deposit from them up front, create a cash flow every month and if the tenant/buyer exercised their option down the road got paid again. 

(Like all liquidation options, they do have the ability to throw up a gate if too many people exercise it at once ).

The purchase price goes up 10% each year they do not exercise their option for a max of 5 years. 

Regular exercise and training are necessary.

The seller has offered to finance at 7.5%I contacted to seller to ask questions and get a feel for his need to sell but he is only dealing with me via Email, and I still only know the cross streets.I asked him in my last email about the Lot size, the Address, if the are any back taxes, if he is the owner or someone selling for the owner.....Questions:If I am able to talk with this gentle man on the phone, what do I ask him?

Gently serve copies of said time stamped legal documents to your "tenant" and respectfully ask for the arrears.

Tenants will not usually be as gentle as an owner.

@Jonathan Meyers one of the strategies of using a private lender for long term holds is where you buy gently loved (beat up) homes and renovate them.

This is where if you are gonna be a salesman,you need to use your powers of persuasion.Find their pressure points and emphasize you are there to alleviate those pressures.Take control of the negotiations by gently reminding them that you want to buy but can move on to the next deal at anytime.You have to make them worry that if they don't cooperate and comply with your contingencies,you will walk on them.Why are they selling?

Hello all.I am a newbie  and step one for me is saving for a down payment and practice analyzing deals. However, I think my expectations are out of whack and need input on how I should refocus. My initial strategy was...