He is wiling to do a lease option and wants $240000 at the closing table.

Seller's agent admitted that there is now a back up offer on the table,..... has not admitted that this is under contract with new buyer but the MLS says pending. 

I find myself looking for subcontractors that do very good work, but for cheaper prices, which requires more management from me.I personally feel like there’s a lot of money being left on the table when you pass up an investment opportunity because it falls slightly below the 70% rule.Now if you’re getting construction bids done at $12 - $20 per square feet like J and others do, then I’m sure you can go below the 70% rule (by the way how in the world can I get to those numbers for rehab bids!?!?

I believe this is where these investors leave money on the table by choosing to play it safe.

I believe this is where these investors leave money on the table by choosing to play it safe.

I believe this is where these investors leave money on the table by choosing to play it safe.

I believe this is where these investors leave money on the table by choosing to play it safe.

Now I'm just trying to figure out the best recourse I have since selling is off the table since I would only be losing money, lol.

Personally, I would take the appreciation gains off the table while you have the chance. 

In the past, I've stayed away from partnerships because I have seen them go sour, however, I feel good about the current prospect and can see the value he brings to the table.