Creative Master Lease

[Kenneth Garrett]

I'm looking at an investment property where the owner needs to move quickly.  I'm reaching out to the BP community to see if anyone has done a Master Lease before.  I have a number of rental properties but have not done a Master Lease.  Here is my understanding:

1. I would take control of the property
2. I am responsible for maintenance
3. I am responsible for property taxes
4. Either I insure it or use the current policy and add me as additionally insured
5. Option to buy at a future date (12-24 months or whatever is agreed upon)
6. I would pay a set lease amount each month ($2000, 4000 whatever is agreed to)
7. The lease amount is owed regardless whether the building is occupied
8. I will try to get the first 60-90 days with no payment to stabilize the property
9. Owner retains ownership  

Am I missing anything.  Appreciate any input.