Is the business a pool room? You mentioned nothing about the liquor license, which will present problems on a rent to buy deal.
I asssume the business is being sold on a rent to buy option, or you would know this sort of information, because you would have checked financing with your bank(s).
So, I would further assume that you don't qualify for normal financing. This means you will probably not opt for funds to do proper lawyering.
Unfortunately, this is a very common instance. Generally the "financing" seller simply sets you up to fail, and then ownership reverts back to him/her, after your efforts and work. Don't forget the seller knows the business, and is getting out.
Be very careful.