Can I turn my Lease Option into a BRRRR?

[Riley Wilkinson]

Here is my situation: my wife and I have "subject to" lease - option that we purchased from a wholesaler that gives us nearly unlimited time to exercise the option, currently our option to purchase at about 95K. We have put about 35K into renovations and the house is now worth about 185K. We would love to figure out a way to get our cash out of the deal and keep this as a long term rental, but because we are in the lease-option position a refinance doesn't work.  I would love to hear your suggestions? 

[Chris T.]

Exercise that option to buy at $95K. Then either refinance with a new loan to pay off that $95K, and get some equity out, or get a HELOC to tap into that.

I'm sorry but I find it highly suspicious that the wholesaler left $90K on the table.