See how baised and unfair to draw conclusions like this. 

Is it something specific that I need a lawyer to draw up?

I am exploring a 7 unit property in Fayetteville NC The draw back is that all the units are one bedroom.

I thought this might open the door for a multifamily development with a mixed use consideration to round out the neighborhood with services.

I second @Barry Cohen and @Jean Bolger Some other considerations:  Are the lintels actually failing, or is it just that the finishes around the windows are cracked? 

If you are going through  real estate agent, you will be fineAfter contract is signed and consideration is given then yes contract is bindingas for contracts you can use here is a link i got off of Bigger PocketsWelcome to Bigger Pocketshttp://www.biggerpockets.com/files/category/contra...

Perhaps you can bend a little more, but draw up a contract with stipulations stating that you can front him a portion of his money through the $750, but it will be deducted from the final amount owed once closing is complete.  

I will take all of what you said into consideration. 

I asked him if he had paperwork already to go with the rent to own contract and he said no and asked if I could draw up that paperwork and go from there.

The risk is taken when: (1) the customer has established a history of proven past success and (2) that the new project is undertaken with the proper due diligence and careful considerations that made the past successes possible.