DIY REI doubles as exercise..

Is there a way I can do the same exercise with a foreclosure lead?

Prior to exercising the lease option, I think you could do a "refi" or home equity, but that would have to be paid off before you "sold" him the house.

It is only fair that the rules of the contract are exercised. 

@Tony LindMike Jacka is the president of the MN REIA, and at our recent training on Subject To, he showed the legislation for the due on sale clause (Federal), and the State of MN law that forbids a bank from exercising this right.  

Welcome to Biggerpockets @Brian Gibbons, Ron LeGrand could helpLow investment(to get lease option), cash flow (while the tenant buyer is assessing neighborhood & preparing financing)and a back end profit (when tenant buyer exercises option) are the highlights

Find a good real estate attorney.When your tenant / buyer exercises their option, the purchase contract should already be pre-filled, so there is little need to have a real estate agent then.

Try not to tie-in substantial lessee improvements with the option exercise.5.

My initial reaction is that I would inform the Seller that failing to close would breach the contract, that you are fully prepared to close and will proceed as if closing will happen as scheduled in the contract, and that if Seller breaches the contract you will have no choice but to exercise your right to seek a remedy.

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