@Michael Seeker These "condos" are exactly the same structure as mine. 

To my knowledge, lease options if structured properly are bona fide legal and you won't run into problems with DBPR, etc.

I have spend 30 years in the construction field (mostly on the mechanical side HVAC) but have a pretty good sense of building structures.

Anyone foresee any issues or have a better way to structure it?

i want to control the whole structure (unless it is truly a steal) the area you are looking at is pretty good overall just be aware of construction issues in that part of town-sewer mains are a bit problem around there-old electrical panels-also the issue with number of owner occupied units can bite you and most likely has him when trying to sell them on the mls etc as fha financing would be out the window.  

This applies even if LLC is just a shell and does not conduct any business or owns any real estate. 

He checks the main items--roof, foundation, hvac, plumbing, electrical, structural...but doesn't do a deep dive into the cosmetic issues or small items.

@Edward Beck I am a structural engineer in El Paso (working on my license).

Sure they can if you structure it correctly.

@James Green Thanks for the imput I will make sure I outline the compensation structure great point.