And yes....you can do a LO on a house that has a mortgage. 

Do you have to pay a fee to the broker, because their not making their money, if the T/B isn't going through them and simply referring the T/B to you (for the LO)? 

I'm offering my primary residence as a LO. 

I'm offering my primary residence as a LO.

Lo and behold here we are facing a number of setbacks and delays and much happier we at least took the 12 month option.

They are 95% legal in Texas...if you can comply.A pure option OR a pure lease is fair game, regardless of who is getting the benefit.If you are *getting* the LO (and not a consumer), game on. 

I do appreciate your insight and sharing your experience with LO's.

@Rita Lo It is very difficult to use a bank when it comes to auctions.

[L/O's in Texas are are not legal except in limited circumstances] is factually incorrect.

I stress to you large opportunities so here is a thought - check with a local LO with USBank and determine if they have an appetite for your situation.