They don't own anything, and still have to qualify for a mortgage at the time of purchase if they decide to exercise the option.

Ive challenged them on this since there was not vote by the homeowners, that im aware of, and they essentially quoted as 2008 law  that says the the board can: (18) Exercise any other powers necessary and proper for the governance and operation of the association.The reason they have implemented is that there was a bad landlord that allowed a tenant to rent that eventually got busted for drugs.   

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?

Whenever I hearSee here is the thingWell actually....The management company...Can you work with me on the depositCan you make this one exception this one time .....I know I will relatively quickly be in a long “ why things are the way they are for me ” story induced coma. 

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.