Josh:You can lookup Lease Purchase agreements on www.uslegalforms.com to get a feel of the elements of a lease option contract.

The second most important element that will make it successful is using an AAR contract.

A lender runs the numbers and realize the investment is solid and they will provide 70% of the purchase price.Now you run inspections, appraisals, legal fees, environmental reports....etc...etc and incur 100k in costs in due diligence.You still need to tie up an equity partner/investor for the remaining 30%.Would you be asking the investors for 300k (the 30% on the $1M purchase) or would you want to ask the investors to cover the 30% + the "load" 100k?

Call the lenders and talk to them about what they will do to work with you.Krzysztof may be overstating it, but there's an element of truth to what he says.

Those of you who learned real estate in the last 10-15 years are out of your element, and should probably go get jobs.

One element I would like to add is risk management.

Maybe it would be based on renewable energy and environmental interests.

They all have one element you cannot just go get or earn, though -- LUCK!

Develop a spreadsheet that will help you perform a takeoff on the specific elements of the project and associate costs to those tasks.

However, some Realtors can be quite deception in their descriptions and you end up at a house that you thought was a 3 bedrooms that turns out to be 2 bedrooms with a really big closet.The other key element to being a great Realtor is being a great negotiator.