You need to first contact an attorney...L/O's exceeding exceeding 180 days in Texas place a tremendous burden on the Seller and the penalties for failing to comply with those requirements are severe.

Start with your own bank where you do banking, you will be able to meet both LO's.

@Dave Houser I have experience preparing L/O's for my own properties, as well as preparing them for buyers-renters/sellers-landlords.

6) Should we have the GC, Consultant, LO and/or inspector with us when we walk-through potential properties?

Don't be worried about being approved in 30 minutes, sometimes I was able to do it in 15-20 just depending on the profile. if they approved your and you like the rate then no need to worry. the process can be very good and fast ,or very stressful if your LO has not set the proper expectations upfront.let me know if you have any further questions 

After executory contract law changes in 2005 these L/O transactions with a term of >6 months are slanted against the sellers with compliance requirements and heavy penalties.

Make an appointment with LO and ask all the questions, you will have better understanding about their products.  

Typically the tenant-buyer in a LO isn't able to qualify for a mortgage, so that's why he records the option to buy at a future date when he will be able to qualify to purchase the home at the negotiated price.

The rental, as you know, makes you responsible for all maintenance, the L/O puts the burden on the prospective owner.

You will see Mtg.s and the foreclosure LO filing, and the Final Judgment If recorded.