The basement also appears to have some structural issues.

Might help to give BP more background on why you want to do a lease option and why you want to stay for 2 years.You can structure things any way that's legal and mutually agreeable.  

@Bill Gulley   would appreciate your input here and your help on the project.AS this is going to be a private citizen not a Habitat type org.How would you structure this to make sure that the person doing this is successful.I want to make sure the job gets done.. your detailed thoughts on structure would be a good learning experience for others.

I usually do my own, but its too darn time consuming as I now have a buyers list of over 650 buyers in my state but only physical addresses.  

It needed some work (some structural) and it was not in the same shape as what you are looking at.I am telling you this because I want to make it clear I am hardly an expert in East Boston.

If you want to bring on equity partners, structure it as such and lose the interest. 

The debt can also be serviced by the plan where the BK plan structures dealing with the past due amounts and the borrower would have to service the debt moving forward in time.  

You would like to be physical involved with the projects.Let's take #1.

Sarah, how do you structure those pre forclosure?

It takes KNOWLEDGE, money, marketing, negotiating, and system structure.