There is much, much, much more to Lease Options than acquiring the contract. If you are not fully knowledgeable of the legal issues, the perils that exist for the seller, the disclosure that MUST be made to the buyer, the exit strategies, the 'real' objectives, you are in over your head.
As others have noted, consult your broker. These are such high risk transactions your broker may be less than enthusiastic. Then hire the attorney with whom your broker has an existing retainer to create a durable, bullet proof, contract specific to the real estate laws and practices in Phoenix and acceptable to your brokerage. There is a gigantic "sue me" bulls-eye created that your broker must be willing to accept..
Lastly, as the URBAN TEAM hinted, make sure you know how you will be compensated. 1% is not a good indicator.
Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL