A friend of mine bought a 5 bedroom for $200,000 in 2013 and rented out all of the rooms besides the master.

Hi Kylan - Is your question how to ask a seller about a Master Lease (given the title of your post) or is it how to approach a seller to see if they are open to short term seller financing? 

Direct from the Master

First, the power of the condo association to enforce its rules as outlined in the master deed and declaration of trust.

Right now our master bath is a mess. 

It needs paint, some flooring and the master bathroom needs some work. 

I have done a form of house hacking with 2 of my previous primary residences via garage apartment (ADU) and renting a second master bedroom on the first floor of a townhome, we put a refrigerator and microwave in there (it had a private entrance, too, which was perfect).

Thinking of using a master lease option for my second deal.

Thinking of using a master lease option for my second deal.

New roof, kept kitchen and master bath they were both decent.