Newly acquired warehouse up for lease. Concerned that two tenant leads are fake, ever experienced something like this? Or am I overly paranoid?
Hi guys,
So I'm a landlord that is about to lease-to-sell a recently acquired property.
November 2017 - Purchase - $1.55m
110,000 square feet available for lease
40,000 sqft leased for $3.25/year modified gross

Mid-November I started advertising the property on Loopnet and Google Adwords + landing page. Loopnet has been pretty soft so far, but my AdWords has generated a few phone calls.

I've had a few leads come in and out, and am left with 2 interest parties, here is their offer:

1. Lease-to-Own - $4,250,000 purchase price within 3 years, $750,000 option price (up front), $250,000/year NNN rent payments.
2. Lease-to-Own - $5,000,000 purchase price within 5 years, $2,000,000 option price (up front), $300,000/year NNN rent payments.

Obviously #2 is better, but beggars can't be choosers so I am proceeding with both until one of them commits with a substantial deposit.

My concerns originate because this is all too good to be true. It is not reasonable for me to buy a property for $1.55m in month 1, and then in month 2 receive a $2m lease option, plus rents, plus the sale after 5 years.

My concerns continue because both of these leads, despite seemingly interested, have not been able to substantiate some of my requests. One of the two leads visited the property and met my agent and I have his drivers license copy. The other lead supposedly visited the property alone, did not go inside, and is still interested.  I've sent requests by email from them to complete credit checks, neither have done so. I've ask for proof of funds by bank statement or letter of credit, have not received those either; one lead said by the end of the month he will be able to provide these items, he just needs to visit the property with his wife, who has been taking care of her sick mother.

Yesterday I was supposed to hear from one of the leads' bankers, who is supposed to give me some kind of proof of funds. (I will ask the banker for his # so I can call him back and verify authenticity).

I've done dozens of deals, many of which seemed too good to be true, and all had some other stranger on the other side with their own quirks. Am I being overly paranoid in this case?

Both of the leads are committing to starting their lease by January 1 2018, so I'm still advertising the space, but with less intensity, in expectation of one of these people signing a lease.

Is there any way for me to fall into a trap here, could either of them be a scam? What would you be doing in my shoes?
[{"id": "drkt3wh", "text": "Something smells, but I'm following this to see how it turns out (and to hear what others say).", "replies": [], "depth": 1}, {"id": "drky9ue", "text": "I wouldn't be paranoid, it sounds like you are doing the right things.  A lot of people just talk a big game until the check book needs to come out.  \n\nWhat do they do?  It would be pretty normal to know what their company is and how they will use these at this point.  Do they have existing locations?  A website or something at least?  ", "replies": [{"id": "drkyqq8", "text": "Neither has given me a website.\nOne guy says he has been acquiring junk yards for a few years in multiple states , and now he needs a warehouse to store antique cars and other more complete cars.\nThe other guy says that he will be using the warehouse to store new car parts which he will be exporting abroad. He doesn't personally have an existing location, although I think he has family that does and this a new location. Again, still no business name or website. Although I did get his driver's license when he visited the property. \n\n\n", "replies": [], "depth": 2}], "depth": 1}, {"id": "drl58dx", "text": "Okay so they\u2019re two possible leads who haven\u2019t been preapproved. But what would they be trying to scam you on? Maybe they are just lookie-loos?", "replies": [{"id": "drl9a3k", "text": "That's why I'm asking. I looked into scams and couldn't find one applicable to these guys.\nMaybe they are lookie-loos, but they seem highly intent on closing soon. I've told them that after 1/1/18 I'm moving on.\n", "replies": [{"id": "dtiyw3w", "text": "happened here? am intrigued. Looked like a scam to me...\n", "replies": [{"id": "dtjcill", "text": "Well, not a scam so far, but so far no cash... :/", "replies": [{"id": "dtjf8tr", "text": "Did you get proof of funds?", "replies": [{"id": "dtk760l", "text": "Not even!", "replies": [], "depth": 6}], "depth": 5}], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "drl7zad", "text": "I would guess once it comes time to come up with the cash these guys will probably be short. If you are worried about wasting your time, ask them to provide you with financial statements as a condition of the deal. Then you can see if they have a real business or not. Maybe consult with a local industrial RE broker who knows the market and may be familiar with these characters. Industrial RE tends to be a small world, even in big markets like LA, so its likely someone whos been around for a couple years can spill the details and get you over your concerns, or validate them. ", "replies": [{"id": "drlslqv", "text": "I agree. Assuming you don't do anything weird like take their money without verification of identity or make a move without an attorney involved you'll be fine. Something smells fishy but what's the worst that can happen? They're not real leads? ", "replies": [{"id": "drlx7wi", "text": "Yea that's the worst.. And the feeling that I was naive or ignorant about something. I think im trying to contain my excitement about either opportunity. Oh, and one the guys has an African accent, so my Nigerian prince radar was on alert. ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ds2lzw0", "text": "It's January 1, 2018 now; what happened?", "replies": [{"id": "ds4ec1u", "text": "One of the leads says he is moving forward and can close in 2 weeks. The other lead said he needs to February to close. Working both until I get a signed contract + deposit, possibly this week or next.", "replies": [{"id": "ds53842", "text": "Were you able to get some personal information from them? Sounds like you are a little more confident one will close. Good luck! ", "replies": [], "depth": 3}, {"id": "ds62mlp", "text": "This might sound dumb but I am not familiar with a lease to own scenario- could you please elaborate? In #2 scenario, He puts up $2mm as if it were an outright purchase, then pays $300,000 annum for 5 years, then pays the additional $1.5 mm (2 mm + 1.5 lease 5 yrs + 1.5 remaining) to close out the lease/purchase and now he owns the property? Appreciate you elaborating on this for me. ", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}]