Tengo mucho que aprender, pero lo lograre.

I wouldn't try to go against anything the L/O heavy hitters have given you in this thread, however I would ask just a bit of clarification on exactly what the potential sellers are asking for.If they indeed just want to cancel the agreement on whim then no they can't and if they want that kind of power they aren't equipped to rent their property under any circumstances.Now it sounds as if you are just assigning the lease option (as opposed to staying in a "sandwich" type deal) so if what they want is to be able to review the qualifications of the proposed tenant buyer as opposed to just letting you put any warm body in there (Not that I think you are doing that, but they have no way to know if that is what you would do) that is not unreasonable and in fact is good business on your part IMO.Again the question as to what they want was not totally evident to me.

Since the estate tax exemption was recently doubled, he thinks he'll sneak in just under the $11M max.I offered a 3yr lease with option to buy (LO) or a Master LO (MLO). 

bstein14,With that many houses being foreclosed on the only thing I can think of doing is buy cheap,put just enough rehab in it and rent or LO.

I was the top contributor on the creative, SF and LO boards for years until I lost interest.

If your LO is deficient in getting you a pre qual in a timely manner it may be an indicator to them being slow in other aspects of the process once you actually land a deal.

Have the LO get this scenario approved by underwriting even before you go on to title.

As for the refi portion of your post the key to that is have a plan with your LO before you ever purchase a property.

After toiling away with Excel lo the last many years, I'd like to invest in a property management software.

But, the amount of these similar questions tells me that  a lot of LO's do not know how to do this.