Purchase agreement vs Option agreement

[Mike S.]

Hello BP! This is my first post, I have been reading and absorbing all of the great information on this forum. I am about to start a wholesaling company, with the intention to keep deals for my own portfolio in the medium to long term. My question is: when is it appropriate to put a house under contract with just a standard purchase contract, and when do you use an option agreement? What factors go into deciding which method to use?

Thanks for the help!