Get a written description from the seller as to key aspects of the verbal agreement they have had with the tenants and as much history about the place as possible.The BP forums have had many discussions about inherited tenants and how to proceed (with or without sufficient documents from the seller).

Marketing on all of the major listing sites (Zillow, Trulia, Hotpads, Rent.com, Apartments.com) along with professional photos, an inviting description and fair price point will help with lead generation. 

It's usually shown right below the legal description and considerations on the Deed. 

The utility company also had to pay the owner's legal fees, all of the surveying and metes and bounds descriptions costs to attach to the easement, and all associated recording fees.

Your handcuffing yourself3rd, your description doesn't sound anything like a lease option. 

It was a new one on me - but it's an apt description.

Basic elements of LOI are date, parties to the transaction, property address and legal description, non-binding clause, Exclusivity clause (no shopping the deal), broker representation and compensation, deposit and terms, price and terms, due diligence period, closing date and location and any other special language as needed.

-Importance of financial education-His definition of assets and liabilities vs. actual definitions-Cashflows of poor, middle class, and wealthy-Description of how middle class fall into financial nightmares-Owner Occ as a liability-Importance of passive income-Descriptions of balance sheets and income statements-Having assets pay for your liabilities instead of just buying liabilities-Importance of selling and being a salesman-Working to learn-Taking accountability for yourself financiallyThese are lessons that most people don't know and aren't taught in high school (I'm a former high school business teacher)

Separate parcel # and legal description?  

Find out what a property that fits your description will cost you.