@Matt Powell he will have the option to exercise and purchase for $60k anytime over the next 5 years.  

NOTICE: If Landlord fails to repair a condition that materially affects the physical health or safety of an ordinary tenant as required by this lease or the Property Code, Tenant may be entitled to exercise remedies under §92.056 and §92.0561 of the Property Code.span>If Tenant follows the procedures under those sections, the following remedies may be available to Tenant: (1) terminate the lease and obtain an appropriate refund under §92.056(f); (2) have the condition repaired or remedied according to §92.0561; (3) deduct from the rent the cost of the repair or remedy according to §92.0561; and (4) obtain judicial remedies according to §92.0563.

When the tenant/buyer exercises the option, it becomes like any other purchase - they bring their earnest money to the table and go find financing for the rest.

(The whole exercise costs around $3k USD).Just wondering if anyone might have come across this type of roof, and could comment on what I should expect from it in the future.

We have gone through the exercise of underwriting seven properties - working on the 8th - in the past 14-months, it is just too much a waste of time to have to pull hens teeth to obtain the information necessary to fully analyze a property.    

When I say easy, I don't mean it takes 5 minutes, but if the house is truly priced right with the market in today's wold, finding investors is really a marketing exercise.  

An individual series is statutorily empowered to file and defend lawsuits; enter into contracts; buy, sell and hold title to property; grant liens and security interests; and "exercise any power or privilege as necessary or appropriate to the conduct, promotion, or attainment of the business, purposes, or activities of the series.

IMO: they're still in place and the 2nd td holder can exercise the due on sale.

@Roy N. when you say I don't need a purchase agreement until the option is exercised ....where do the terms of the purchase get spelled out?

It’s a great way to learn more while doing other things such as exercising, driving, etc.Get involved with a local REIA groups.