Question - if you’ve contracted for a property you intend to “wholesale” - i.e. flip the contract - and that doesn’t pan out, do you exercise a clause enabling you to exit the deal, or do you close it in your name?  

If you’re planning on buying your new primary nearby, it will make being a first-time landlord much less stress inducing.

Other things to note: there is an option fee the tenant has to pay (and you may keep if they choose not to exercise the option to buy).

Real estate is very similar to exercise you need dedication, repetition, and a solid diet (education).

Nonetheless, I implore you to do an exercise.

If Borrower wishes to exercise this option to extend, Borrower shall notify Lender of Borrower's intent to extend in writing prior to the Maturity Date.Security for Payment: This note is secured by n deed of trust of even date from Borrower to Doc Prep 911, Trustee, both of which cover the following real property: Lots xxxx, City of xxxx, according to the map or plat recorded in xxxx, Map Records, xxxx, Texas.

After that, you assign the option and they exercise the option. 

Your first due diligence exercise in notes is to find out the qualifications, experience, knowledge and financial stability of the note seller-dealer!

If you obtain letters of interest, you can exercise your option.

It might be a good training exercise at least running the numbers on some of the properties on the list.