Lease Option or other option to acquire property

[Brooke Roundy]

Hello, I have an opportunity to employ creative financing to acquire a property and I’ve been scouring the forums and see lively debates about creative financing options. I’d love to hear from folks directly on this as well, you all have wonderful insights. Here are the facts:

- home is not selling and owners moved to another state 8 months ago. They want out completely. Low interest rate. They are current on mortgage and have $40k equity, but looking to stop cash burn more than preserve equity at this point. 
- I would like to acquire the property but not with 20% down and not at today’s rates. Not a deal. I run furnished rentals and look at this as a long term hold cash flow and appreciation play (long term, 10+ years). Local market is soft now but fundamentals are all there for long term growth. Could pivot to LTR as well if needed. 

- Subject to has come up as an option but as many have discussed here, is risky for both buyer and seller. I could have the finances to cover mortgage pay off if DOS was called, but I don't want to tie up that much cash in reserves just in case. I dislike the shadiness of this as well. But maybe it's doable in certain circumstances, if DOS is less a risk. I'm finding this difficult to evaluate.
- lease option to cover owners mortgage with maybe 5 year option to purchase with very low option fee - enough to make seller feel they’ve received something up front, maybe I build equity with principal payment. No DOS risk, I lock in a price and get control of the property. I don’t have to buy if I decide not to, owners can hang on until conditions improve, maybe they can recoup equity?

Are there other options I’m not considering that would make this a win-win for both buyer and seller? the seller values simplicity, and I would prefer it. We both have attorneys but I’m doing as much diligence as I can to help make prudent decisions. Thanks in advance for your contributions.