When you find them, don't expect them to hold your hand and spell out everything for you.

Also, take a sec to use proper grammar, punctuation and spelling.  

This is spelled out in the terms and you may walk away from an auction thinking you lost out to someone only to get a call later saying that the winning bidder is out and now you're the high bid.

I double check that I have correctly spelled the name and used the appropriate capitalization.

Another of my concerns is that it doesn't spell out a time-frame or specific properties for which this is valid.

Also McCutchen, Mumford, Vaught, O'Dey, and Geddie (Not sure if I got the spelling right on all those names...we call them M&M for short!)

The website does spell it out. 

I'm still going to be using the same basic colors and fixtures it's just going to be spelled out exactly what we're going to use.  

Rent is rent.The option contract provides the holder of the contract the right to purchase the property at either a predefined strike price, or at a strike price determined using a methodology explicitly spelled out in the option agreement, for a defined time (or within a defined window) after the contract is signed, but before it expires. 

If you think you want more, or he wants equity and depreciation or something, then make an LLC together that spells out ALL YOUR RESPONSIBILITIES and move forward that way.Define what you want.