Hopefully you at least built some good industry relationships while going through this exercise.  

Best exercise is going on a job site and working with a contractor line item on pricing.  

I could have easily paid for it, but I did it myself for the exercise.

The fact that a company has stoped paying interest on a promissory note and is exercising an option stated in the note to convert the note to equity is not in and of itself indicative of any fraud.  

You can use computer data to help you avoid areas and in fact its not a bad exercise to compare the data to a prospective area vs your current area.

Suppose Sally exercises her right of first refusal at the 2025 auction to buy the 2024 lien, in the amount of $1,500. 

Until you exercise that option, you are essentially just a renter.

This seems mostly an academic exercise as lease rate and Cap Rate are largely set by the market.

If I felt that way, I wouldn't make the agreement to begin with and I work hard to communicate clearly, calmly, and effectively to keep it from getting to that point.I am also open to compromise as my lease offers me protections that I may not need to exercise in all situations to get a fair outcome. 

If the locations turned negative, Dollar General never exercised the option to extend, and if the location remained good, they built a larger store across the street.