I have an appointment to go check out this property but want to make sure that if indeed I do want to pull the  trigger on putting the home under contract, I can find a cash buyer quickly.

I had a question regarding the seller financing strategy-  Did this ever trigger a due on sale clause?  

Talk to your lender and make sure you know what fees and interest rates are before pulling the trigger.

I have a cousin who died due to an epileptic seizure they think was triggered by an insecticide “bomb.”

@Tiffany Milan I had 5 years of experience as an intern for a Real Estate Investor, but when I finally pulled the trigger, I was not 100% ready.

To buy the house, the holder of the Option must exercise that Option...which then triggers the third Contract...the Purchase Agreement.There is a much simpler way of accomplishing "rent credits" and "O.O.P. credits". 

Additionally, we didn't have trouble pulling the trigger, so to speak. 

After she/he moves out, follow your state guideline for deposit dispensation, the deadline of which is likly triggered by the latter of the tenant moving out or the lease ending date.  

She also has to be in full compliance in her current area and with her current landlord. 

Either the deed passes and your 1031 has to start at that moment, or a contract for deed is signed as he suggests and that too triggers the start of the 1031.