Complicated lease/rent question?

[Katymac]

I am discussing renting/leaseing a barn

Is there a method by which I can improve the property, paying a low rent with some sort of profit payment?

Or is there a better way to do it?

too complicated for such a hot night huh?

How would you work out a rent?

Is it related to how much it would cost to buy?

Wouldn't you work out a market rate for the rent (given the current condition), and then work out how many hours (per month) you would do work improving it, and then work out the hourly rate for the work done?

Might be easier, though, to pay a market rate on the rent, and then get paid back by the property owner separately for each improvement job.

Not sure I can afford the rent until the building is improved and I can start earning money in it (iyswim)

I don't think he is prepared to pay for the improvements
I think I would want an option to buy the property eventually

I guess I want it everyway

They cannot afford to develop it
I cannot afford to buy it, but I might be able to develop it

Maybe we should form a partnership?

I thought a profit sharing thingie might work?

I bet there's a property development website you could go find and ask questions there.
I saw your other question about wall insulation, btw. I would google on that one, too. Good luck.

Talk to a property lawyer (I used to be one). What you are proposing is quite common - you would need some sort of development agreement. You don't "work out" a rent, there is no magic formula, it's just whatever you and the owner can agree. That depends partly on market conditions in your area and partly on your respective levels of optimism.

Good luck!

Thanks - the basic ideal is feasible then

That's a relief