We have agreed to a price and terms (master lease w/option), but due to the holidays and the health of the seller's attorney, we haven't yet signed our Master Lease and Option Agreements.

Typically the existing downstairs bedrooms become a fabulous master suite, and the add'l bedrooms - 2 or 3 - are added upstairs, in addition to another full bath.

Kitchen faucet dripped, master bath sink faucet had very low water flow (turned out it was rusted inside and debris were blocking water, I got it replaced) and smell of sewage wafting from the guest bath.

Taking a project from raw land to vertical structures usually requires a team of professionals, since not really anyone is a master of all the different skills needed.

The unique part of the situation is that the property mgr uses my contractor as a servicer who happens to be my friend and he has recently sent me photos of certain living spaces that can best be summed up as NASTY (e.g. master bathroom tub looks like it hasn't been cleaned since the beginning of the lease six months ago, the bathroom sinks have caked on toothpaste and the toilets have incredibly dark rings, etc).  

Ok, so here's what I want to do, so you guys can tell me why it's a bad idea.I plan to have my LLC sign a master lease with the owner of the property.  

I currently wholesale but I just came across master lease options which seems like it would be more consistent.

Thinking out loud here...You as the master tenant are allowed to sublet.Your rent is equal to PITI + 10%.You are responsible for 100% of the maintenance. 

I purchased a small 2bed 2bath condo in n seattleI have a question, should I rent out the master bedroom and charge more or the smaller room?

So we made it up in volume. we borrowed on master lines of credit from our banks at 5 to 6% then loan it back out.. so we capture the points and our rate was 12 to 15% ( pre 2010) so we had a pretty nice delta going on the 30 million we had out.