So, being a newbie, it is my understanding that 50% rule simply states that 50% goes to costs of property and then 50% going to debt service (and the remaining from debt service is your cash flow).My questions is simple, does this apply to condominium units or just SFH?

They simply don't know enough about what their doing.

There are simply too many unknowns for anyone to answer many of your questions intelligently.  

Save the project to You tube and embed in you site wherever you like.

Thats seems fair as either party can simply vary the option terms e.g. reduce or increase monthly lease.

@Lawanda King ,This is pretty standard, but if you would simply swap out the words contractor and contractee and replace them with Buyer and Seller, it will make perfect sense.

;-)Thanks Paul for the information---I have already started watching some BP You Tube tutorials which are pretty fun.

Everytime I hear a story like this I simply cannot believe the nerve some people have to pull stunts like this.

My best guess, they simply are bored and want to keep their money doing something.   

The lender simply allowed us to exercise the option as a refinance.