Michigan may be different, I recommend you find a contract and take it to a lawyer that works with investors in your area.Good luck!!

I easily found the name of the person that passed away, the Administrator and their address, but I cant find the address of the property or the name of they probate lawyer.

@Will Barnard : A lawyer will assist me and do all the legal stuff related to the LLC, my question was really related to the accounting part of the whole thing.

I'm also preparing to build out my team (lawyer, CPA, contractors etc), and preparing to setup our structures and processes.  

Get a lawyer to help you.

Contract terms that are contrary to public policy are void.Always have a local lawyer review your lease, unless you are using a standard form lease from an organization that has itself had the form reviewed by a lawyer.

By this I am thinking about lawyers.  

Consult a lawyer who is experienced in real estate syndications.

In California, we used escrow companies and rarely used lawyers.

I would start off with getting a letter of intent to lease and to optionThen just put landlords name property name amount of rent which should be market rent, 3% option fee of 85,000 would be 850×3, non refundable, 12 month lease with renewable two 12 month terms, subject to the laws of Chicago Illinois and the current homeowners associationHave him sign it and you sign it and get it notarizedGo to mailbox etc. or some other place to get notarizedThen send it to your lawyer, and get first and last months rent +3% option fee now not later