ThanksGreg You didn't specify the upside nor speak of a value add play in the deal so it's a little difficult to speculate how to best structure a creative financing package.Assuming it's a value add play with good risk adjusted gains at the end of the process then maybe the safest route is to negotiate a wrap transaction with the seller, and if your are concerned about a due on sale clause make it contingent on the lenders approval.The seller will confront these same financing scenario issues with all other buyers so if they want to sell the property then they can either deal with the issue with a reset and able buyer, you, or kick the can down the line looking for another buyer who maybe willing to assume a less than stellar financing package.As the buyer though your only concern should be the financing package that delivers you title, assuming you plan on making extensive improvements to the property, and allows you to earn what you determine is a reasonable cash flow from the project.Options aren't bankable.

Neither are my fault, but nonetheless - you are correct.Luckily for me, the property is worth more than 60k so I'm not terribly concerned about losing money on the investment at this time...

My last concern that I will most likely have to talk to bank(s) about would be first time financing under a new LLC and all that, that entails.

I realize it is important to keep good tenants, but that should not be your only concern IMO.

As the strategist in putting together deals you must concern yourself with 1) end goals of all parties  2) experience and skill of all parties  3) the fears of all parties  4) the emotional condition of all parties 5) The risk acceptance of all parties 6) the comfort level of all parties and 6) your strength of relationship with all parties.

., I'm not too concerned given the overall strength of the tenant, at least on paper.

His concern, and rightfully so was, if the property took too long to sell, what would happen to his funds, would they be forfeit?

Yes, we would absolutely have to sell to an investorI am concerned though,  because I have read that it would be hard to get a loan on a non producing property, so basically we would need a cash buyer...That definitely narrows down our pool of potential buyers..

This is normal for a regular sale but my concern is that the seller is remaining in title.

I have seen some of properties around that look pretty good for now, but I would have concerns about the long term.