Lease option on house that needs work

::)I (the buyer) need help with choosing which documents to use for a lease option contract on a single family house that needs some ($20K) work done to it before I rent or sell the property.

Do I need the following?

  1. Lease option to purchase contract. 3-5years, purchase price $26,000.00. Pay the seller $300.00/month once the rehab is complete.

  2. Contract with the seller for the work to be done by the buyer.

  3. Record a lein on the property for the work I am going to do under contract.

Rental market is $700.00/month
Sales price once completed $100K

Please help! Where can I get the documents?

are you going to fix it up yourself? As you probably know, putting 20K of your pocket change in a house you have no title to is a risk. try to get a contract for deed or owner financing of some sort if you havent already. if the seller is motivated, its worth proposing.

good luck,

There are any number of courses that will provide the contracts and documents needed.
Or, you can contact an attorney.

Owner financing is out! Explain what is a contract for deed and why do you reccomend it versus an lease option. The seller has a small note of $23,000.00 dollars on the building. Where can I get a copy of a contract for deed. Thanks for the information, by the way, I am a newbie. ;D