Both times they wanted us to add language to the plans that they would conform with the regulations.

The language of the contract isn't what protects wholesalers, its the representation and holding out that gets you into trouble.

And my language changed:I'm building a real estate investment firm that will create the opportunities in properties, as well as the funds, to put together a rental portfolio that will eventually generate over $100k/month in rental income.

The lease had explicit language stating how to exercise the option, and it seems that they have forgotten to do so and missed the deadline.

I would recommend you have language in your purchase agreement that provides you the opportunity to have the property inspected.

Moreover, I’ll need to add appropriate language to this effect in the new lease to soon be signed.

Answer will largely depend on;A) Language of the lease agreement,B) The local laws related to enforceability of language in lease agreements.No answer can be given without knowing both factors, as well as knowing how your local judges would rule on same.

So my original thoughts before reading the tax language was to try and find a rental property to replace our primary residence.Thanks in advance,Scott

Can you clarify your language?

Just because you think it is easy to understand or good language doesn't mean it passes compliance.Wholesaling is very much alive and can be a viable investing strategy.