Agents can also run some quick analysis for you, but you don't want to exercise them if you don't intend to use them or at least strongly consider their services.

Makes sense really because the LLC is not who they vetted and lent to, but the reality of the situation is that they very very rarely ever exercise their right to accelerate the mortgage because of that.

It would stay in his name until you've exercised the option to buy at the end of your agreement.

Then on  lessor's death, he exercises his option, offers to buy from the heirs, with the right of first refusal, he gets first dibs, though the heirs can sell to someone who offers more.

How can I find out what they really need to make this work, without the exercise in salesmanship?

In the are you are in in Nebraska, look at land for sale in the area and get some contractors to quote you construction costs on a brand new duplex.If nothing else, it's an interesting intellectual exercise.

Aside from having the option properly prepared, you'll only need an attorney or title company if and when the tenant exercises the option. 

If you exercise the option he is required to buy, but you are not required to exercise your option.

If you have a mortgage on it, you can still do the quit claim but just know that you are opening your self up for your lender to exercise due on sale clause even though it is technically not a sale.

2) What methods do you use to determine a comfortable number pay the lessor per month while leaving enough  wiggle room to pay mortgage, cover for vacancies, repairs, taxes while having a good cash flow left over with the intent of saving this to use for the 20% down payment when the option is exercised.3) Would you pay for an inspection up front before the contract is signed, or wait until it's time to exercise the option?