Just a bilateral agreement that specifies:The giver of the option, or optionorThe receiver of the option, or optioneeThe purchase priceThe term (start date and end date) that the agreement will be in effectThe consideration (typically a dollar amount) paid by the optionee to secure the right to buyPLUS whatever else your attorney thinks is necessary.Make the document recordable by your county clerk, get it signed (and possibly notarized), and then have it recorded on public record.The intent is to ensure that if he tries to sell to anyone else, a title search will find this agreement and trigger a title defect.

The refinance does not trigger an increase in assessed value.#5 Property is cash flowing much higher than my estimates, and in a B+/A- neighborhood (see below)So for the numbers, I am still refining our pricing strategy, but so far I am seeing ~$4,000 in gross revenue per month on the entire property. 

I became a BP Pro and have been practicing with the calculators, along with reading and listening to their books.Like most, I am nervous about pulling the trigger, but I know practicing with the calculators and focusing on one area will ease the nerves a little.

It looks like a nice place and I think I would pull the trigger on it if it were me 

But I am ready to pull the trigger on a deal so if anyone out there can help, I would really appreciate it.  

Pulling the trigger for the first time is always the hardest. 

Additionally, moving a personal mortgage loan to the LLC would trigger a clause that would require me to pay off the loan.

If it were me, I'd pull the trigger on that right now - and I'd be very nervous until I got that policy!

So naturally I feel inclined to pull the trigger since I've already invested all of that time. 

Somewhere in mid-coast Maine, most likely between Brunswick and Camden.I need to put in another 5-10 years in real estate before I can pull that retirement trigger.