5 year option to buy house
I have a house now that is very behind on payments. I want to give the owner some money and fix it up than sell the house. I think the best way to go about doing this is to give her like $5k and get a contract with an option to buy. Maybe a 5 year option so i have enough time in case something happens. I also want to record the option so she doesnt sell the house to someone else and the money I put into fixing the house is safe.
I'm in california.
What forms do I need her to fill out and what do i record. Do i need an escrow company. How do i do this correctly to protect the $5k i am giving her and the $30k i am putting to fix this house to sellable condition