I keep reading more and more about "Master Lease Options", and using them to buy apartment buildings using no money, no banks or credit. I have an apartment building under contract and haven't found a buyer yet. Since I locked this apartment building up under contract I have been saying to myself how I could really improve this property and have it 100% occupied if I owned it.
My question is how can I use a master lease option in this situation when the seller owes $390K on the building. He is willing to sell it to me for only $415K even though he dumped over $1M into it. I don't have cash or the credit so after reading and hearing more and more about this master lease option technique, I need to know if it will work in this situation and how? Also what documents do I use. Any help would be appreciated. Thank you.