The situation is much more complicated if you have a structure on the property that you don't intend to put into service.

I recommend structuring ownership as an LLC with yourself and other members ( partners).

Brand AwarenessAlthough, number 3 I could argue is more important for future years and not so much right now as I'd more concerned with further cementing our business structure, working out systems in all areas of the construction, reconstruction, and rental arenas.  

@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.  

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.

This was one of the major things that was holding me back on buying property in the first place with fears of not having enough time to be involved physically.