Either way, the IRA is the property owner/landlord.You should hire an attorney to execute the procedure.  

What I do in terms of finding and executing on deals in the next 2-3 weeks matters little.

If a person will not want to sell you a property and transfer the deed at closing, it will take you years in court to win or loose.Anybody could say that he or she was drunk when the documents were executed, it's your word against her word.

FCI will determine which one of the "six borrower traits" their borrower falls under, and based upon those traits, FCI will execute an "Exit Strategy Model" for our customers to receive the highest and best return (ROI) on their investment.  

If you have an option in a commercial deal, you can execute a note, secured or not for the option price, this should not be done in residential deals without expert assistance.

So, I'd like your advice on the best way to execute this.

You are getting a lot of different answers (to questions you didn't ask).It sounds like you are wanting someone to find you a tenant, execute the lease then step out of the picture (rather than managing the property month after month).One month's rent  is indeed a "standard".

That you are likely to successfully execute the plan.  

PTIFA meant leases executed before the foreclosure had to be honored.  

Run from a Contract For Deed, there are questions as to the validity of pre-arranged deeds executed to avoid foreclosure laws.