If you have a ton of experience and there is not too much risk on the money and a very good chance of making a large profit, then giving you a larger share of the profits might make sense if it's a better return than he could get in the stock market.

Hey gang, I have the chance to put an offer on a property in FL.

An option doesn't grant an equitable interest in the property, but only to the contract, you tax issues will apply to an installment sale and if the lease-option is not properly devised (and chances are very good it won't be) you'll trip the installment sale matter if the deal is for over 12 months and taxes will be owed.  

If you made to court and obtain a judgment,  you have very little chance of collecting.  

Any chance you are a first time homebuyer in NC? 

Ask yourself....any chance a bank would do this......absolutely not.  

They do not want to continue holding the property so this could be a good chance for me to get my feet wet with creative financing.  

IF the note is performing there is a good chance that part of the credit is worthy.... if its not performing,,, well that's another game!

If you do, you’ll have a very strong chance of winning the Noble Prize in Economics. :) Here’s what I would say: figure out why exactly you need a property manager and whether you are willing to pay the amount of money that you do for such services.

There were 12000 - 15000 people and yes even though it was pitchy I ran into so many investor friends and we had a chance to catch up which was great.