Need Master Lease Option Advice

[Steve Yang]

I'm talking to a seller of a 56-unit apartment building who wants $4M+ for it and it's not worth that because it's only 60% occupied and not run very well.  If we can get it occupied and performing well, then it would be worth the $4M price tag.  The seller owns free and clear and could be open to a Master Lease option.  I've only heard this talked about before but I don't have any experience in it.  What are the typical terms for a Master Lease Option?

thanks!