@Roger Evans David Samuelson. google him.

I would recommend searching here on BP for an agent in the area you're looking to invest in.

I would set it just slightly below market to attract people who are just starting their search; and I would hold out for the right tenant.  

The google lawyers are not lawyers. they read blogs and have no legal training on the topics and most are misplaced opinions and lack detail. 

Just a bilateral agreement that specifies:The giver of the option, or optionorThe receiver of the option, or optioneeThe purchase priceThe term (start date and end date) that the agreement will be in effectThe consideration (typically a dollar amount) paid by the optionee to secure the right to buyPLUS whatever else your attorney thinks is necessary.Make the document recordable by your county clerk, get it signed (and possibly notarized), and then have it recorded on public record.The intent is to ensure that if he tries to sell to anyone else, a title search will find this agreement and trigger a title defect.

How do you guys search or research the principal?

I do think searching for someone in your local real would be the best and quickest way to save this deal!

If you don't have a decent lumber yard/big box store near you then materials are probably a bit higher, but labor might be cheaper.Just a quick google came up with this.

I've been searching foreclosure sights and saw what looked like a really well maintained property with new roof.

You can search here for info.