How would an assignment work if it's not specifically spelled out in the option contract?

It needs to spell everything out from what business you're doing, how you're taxed as a partnership, how much of the LLC each person owns, what happens if someone wants to leave the LLC, how the LLC is completely separate from you as individuals, etc.It's some money up front, but for a truly strong LLC setup, I suggest you look up Al Aiello's LLC Mastermachine.

@Jon Holdman  alienation clauses are in the Mortgage not the note... generally... note is promise to pay and spells out the terms of repayment etc... of course some have dual purpose language but mine that I do all have the alinenation in the mort or deed of trust or deed to secure debt that is recorded giving the world notice that if title is alienated that that is an event of default and at my sole discretion I can call all sums due and payable.

I dislike when I have spelling errors; my new goal is to always proofread carefully.

yeah, I was really aiming for Bigger Pockets, I type directly into the box without spell check and sometimes it bites me. 

When there tar sands are not booming, there is a much smaller demand for housing - let alone commercial real estate - in those communities - few are going to live in Fort McMurry for the climate.Northern Labrador is going though a similar spell due to falling commodity prices and shuttering of mines.

I buy rentals in Westland and Livonia  (michigan/wayne country) and the MLS has dried up. there is pretty much a bidding war for anything under 90k. it's crazy out there. i thought i'd pick up at least 2-3 houses to add to my rental portfolio during the cold months, but that cold spell has not deterred people from buying. very disappointing.

You spell out the terms of the financing in the contract, maybe referencing a standard FNMA mortgage document.  

It's pretty good to see that admitting that I've never done this before to someone isn't going to spell the end of my career, either.

I think the mold scares off a lot of people which can spell possibly a good opportunity for me.