If you are willing to provide owner-financing to a single individual that will accept your lease option, then it would seem entirely possible to offer the option to purchase. However, your question requires an additional question on my part. Do you believe that someone will enter into the lease option and take the responsibility under it to pay you the monthly rental amount for all 16 units, while having the right to sub-let the units to others? Interesting thought. I assume by the nature of the lease-option that at some designated point the optionee would then be authorized to purchase the property. This of course would depend on the optionee then being able to obtain financing for the purchase, (unless it was going to be owner carried or all cash). This very likely is a legal question whereby you should consult a good attorney in your area. I believe it could be done, but you would want the attorney to draw your lease option, as you don't want to have any wriggle room when it comes to reclaiming your property in the event of default.
Good luck Samiuddin..... Rob Baird, CA RE License #544165 (One of the oldest, active licenses in CA) 951 515-5855 Email: email@example.com
Jan 17, 2011