For the purpose of this exercise, I would like to start by separating syndications into two categories: (1) smaller capital raises that will only attract the friends and family sized checks because they require too much brain damage for those with the larger check writing capabilities;  and (2) syndications with capital raises large enough to fit within the investment parameters of true private equity/family office check writing capabilities. 

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

In the process of BUYING a PURE Option to buy a SFH subject to an existing loan (at a lower fixed long term interest rate)Let say the OPTION "Strike price" to BUY the property IF or WHEN the OPTION is EXERCISED is $300K The seller wants $60K to sell us the OPTION.

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.

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.