In reality any buyer is free to do that but I don't know how often that actually happens.

I was concerned about the potential electric bill because winters in Wisconsin can be pretty brutal.In reality I kept the temperature at a comfortable level and never had an electric bill that went higher than $90 to low $100s.i loved it.

In reality the information can be learned by someone in about 15 hours, but state mandates require 75.

Reality is they'll probably never sell this property as-is for 20k, but due to my involvement I know all the details to justify that cost.I'm looking for suggestions on if this deal could even happen, would anyone fund something like this in Illinois?

As an investor, using OPM(other people's money -- a mortgage), the purchase price and mortgage payments will dominate the cash-on-cash and cap-rate calculations.Yes, we would all like a Class A property for $1.95, but somewhere in reality is the balance for what can I get as rents and not have the expenses drive me to the poor house.Highly recommend the Calculators here on BP to evaluate the possible ROI using realistic numbers for each property.

The reality of late paying/non-paying renters is, at least in my experience, when they give me multiple excuses about why the rent is late, I am not likely to see the rent.  

Reality on the ground is exact opposite due to investors not properly accounting for expenses such as maintenance, capex, legal, property management, pest control, landscaping, travel, etc etc.

The reality is even if the seller was obligated to sell to you good luck enforcing it.

But finding GOOD lease option buyers to assign to is a much more difficult task, because the reality is that 70% of people who call me on my ads are not a good fit, and likely wouldn't be able to actually exercise their "first right of purchase" on the home after I assign to them before the expiration date.

"-Source BP blog 28 Mar 2015, Brandon Turner.The legal aspect of things aside, in the end you signed a contract stating you will buy a home, when in reality you have no desire to actually follow through and purchase it.