The solution was to put in two large cisterns where the water could collect and receded naturally...which I found out caused the basement of house on the end of the block to collapse in on itself. 

I personally haven't attempted to find an alternative.  

Owner may live 2-12 more years..SO its a lease option, but I can't excersise the option until the owner passes.I am just checking to see if anyone has experience with a deal of this nature that I may learn from...

What would you suggest as an alternative?

(I'm certified to pull the full credit report)I verify the landlord to be a legitimate landlord/property management company or if it's a private landlord: verify with public records/county records.Call/fax/email the landlord to request references, call/email every day up to 7 days.Check alternative sources for bad/good reports about tenants rental history.

We are a bunch of lawyers and, therefore, analytical and conservative by nature.  

As an alternative to turnkey, I have more recently focused my buy and hold investing with a company that offers interests in portfolios of 10 SFRs at a time, that are co-owned by the managers for diversifying and aligned interests.  

Throw in a hiking/nature trail around the perimeter to get the county on board and you get the idea.

Alternatively you could also serve a 30/60/90 day notice to quit depending on length of stay and/or housing assistance rules.

I don't think it happens at one meeting naturally the regulars who are taking action will be drawn to each other and for a group to push each other to the next level.