It not a rent but they will be something like a confirm future ownership or book the property so i cannot sell it to any other buyer. 

First, you can't access the tenant in-place until title transfers.The length of the existing lease is an issue, but with your new ownership, you can serve notice of non-renewal at lease 60 days prior to the termination date. 

Louis and change the ownership to your company.  

Remember I do have some cushion with a couple hundred thousand but maybe I can work some type of deal where I give him part ownership and after a few properties I can let the income from the properties start to supplement what I'm paying him.

Billy, does the grandfather rule stay in place when ownership changes or does the new owner lose that?

@Josselyne Lugo as Guy stated, if you TAKE ownership you are a principal to the transaction.

Maybe the lure of home-ownership will lure someone enough to pay $375k (or more) probably for more than rent would be. 

They are selling you their ownership interest subject to the lien which you agree to pay under the agreement that seller extends to you.

The home ownership affordability index is only 21% so there are a lot of renters.

The following terms are applicable to this contract:1)Closings costs, attorney fees, title fees and other miscellaneous costs are to be paid in the following fashion ____________________________________________________________________________________________________________________________________________________________________________2)Any taxes owed will be appropriately prorated between parties at closing.3)Closing to be set as soon as possible for all parties, but no later than ____________________________without written addendum to this agreement.4)Property sold “as is” with no warranties implied or stated from seller.5)Earnest money to be held in escrow by buyer’s closing attorney:_________________________________________________________________6)Earnest money non-refundable to buyer unless title is non-conveyable or seller not available to close within time period of this contract.7)This contract is contingent upon clear title and final inspection of the property by buyer or buyer’s agent before closing.8)Legal consideration for this agreement is ten dollars ($10.00).9)Seller to provide buyer with permission to access property solely for purposes such as evaluation of repairs needed, appraisal of said property for securing financing, and professional advisement on resell of property.If property is vacant, Seller shall provide Buyer with a key to access property specifically for the reasons above.10)Any furniture, fixtures, attachments, and debris located in and around property not removed within day of closing become ownership of buyer.11)ADDITIONAL TERMS: ____________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________BUYER: _____________________________________________DATE: _________SELLER: _____________________________________________ DATE: _________SELLER: _____________________________________________ DATE: _________