I'd be careful before you go claiming somethings is illegal. 

Not too bad in todays local market if it's well taken care of and somewhat updated, but like @David Bardwell said, forget the purchase price until you're finished analyzing.

Takes a little maneuvering but if you're making 10's of K's of $'s per year per place, who cares?

Hey everyone I’m looking for help regarding a property that just came to my attention today.

@Nick Zias I know several people that own multiple homes in MSP.You need to do it because you care and have the money be a secondary goal.

It is not in the best (Or Worst) neighborhood so I know it wouldn't attract the best tenants but if I screen properly I think I would find good enough tenants to take care of the property and pay rent on time. 

From what I understand outstanding tax liabilities (even with IRS and not just property tax) are another big ticket item that you have to be careful of.  

I'd pay special attention to that area.Don't ignore Plymouth County either. 

Just remember to keep the two documents (lease and option) separate;  one should not refer to the other.Option fee should be non-refundable, however if you want to credit the option fee towards their down payment WHEN THEY BUY, you could structure it that way.Personally, I would be very careful about how you go about 'crediting' $xx of monthly rent towards their down payment. 

The key to gaining their attention is to spend some time learning and come prepared with well-thought out questions.Specialization is critical in commercial real estate.