I've worked to follow the Info Template above:I had a good year in 2017 and when time to pay the rest of the taxes in 2018 and after getting a call from a motivated seller, I instead made an installment agreement with the IRS and bought that initial Colorado 4-plex on owner-carry for $800K using that $50K earmarked for the IRS - for the down payment.

These should must be separate payments and NEVER combined into one since the Lease and the Option Agreement are separate agreements and should NEVER be tied together in ANY way. 

Section 8 of the purchase and sale agreement states that you have the right to inspect and do the things you're looking to do.

All at our expense.I looked at the indemnification clause in the servicing agreement & I don't think this procedure is covered.

I plan on using a standard lease agreement from BiggerPockets but as far as what else I need I'm not sure.

I don't think you're really going to be able to get everything permitted without the agreement of your neighbors so I would start the conversation with them now.

This will costs thousands of dollars so if we do that work I want to make sure we have an agreement where I can purchase the property.

Do not sign long term lease agreements with tenants you know nothing about.You could just do everything through the mail, but meeting people face-to-face is respectful and can defuse some hostility.

@Jim OConnell Jim, when it comes to legal contracts & agreements, it would be highly recommended to have your own drawn by attorney.

We just got the lease agreements.