If not, well, a confused homeowner always says "No".𝗙𝗶𝗻𝗱 𝗠𝗼𝘁𝗶𝘃𝗮𝘁𝗲𝗱 𝗦𝗲𝗹𝗹𝗲𝗿𝘀: Look for property owners with a problem, in markets that favor buyers: increasing inventory, declining sales, price reductions, long days on the market.𝗡𝗲𝗴𝗼𝘁𝗶𝗮𝘁𝗲 𝗧𝗲𝗿𝗺𝘀: Decide the 𝘵𝘺𝘱𝘦 of lease option you are offering and craft the terms accordingly, agreeing on option to purchase price, lease duration, and monthly rent.𝗡𝗲𝗰𝗲𝘀𝘀𝗮𝗿𝘆 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁𝘀: Ensure your agreements are clear, legal, and protects all sides.𝗠𝗮𝗿𝗸𝗲𝘁 𝗼𝗿 𝗘𝘅𝗲𝗰𝘂𝘁𝗲: Depending upon the type of lease option and your objective, either assign the option to a buyer for a fee, or exercise it yourself when the time’s right.Lease options are a low-risk, low cost entry into real estate investing—start small, take action, then grow.

You’ve already given ample time for him to leave, and not receiving rent for three months is a serious concern.It’s essential to follow the lease terms to the letter.

You may to buy them but getting a state/city specific lease that is reviewed by a lawyer is worth the cost.

Your $2,500/month payment would be a 5% interest note if it were interest only if it were for the $600,000 deal.

@Javier Esquivel holding or selling would depend on what the property would rent for, what type of debt can be placed on the property and at what cost..Let's look at the numbers.value $117K75% ARV $87,500(Assuming this is lenders LTVRepairs $35Kall in after purchase is $68K(Depending on closing costs etc...)If the property would rent for a minimum $1400 I would hold as the property will cash flow and I would have the ability to take out all of my initial investment after lenders seasoning period.Delay finance at $75K @ 6% 30Yr Am P/I($500)\cash flow $200 per month at 50% expense ratioyou'll have $0 money into the deal with cash flow and around $42K in equity.This would be a no brainer hold for me.All the best!

Houses out here cost average $1.3M and rent for $4,000 per month. 

A few months in, the refrigerator broke.

With 8% you should easily cover the heloc cost, and more to pay it off down the road.

Jason, I am actually about 2 months away from finally building a raised deck out there.

Pricing your unit above market won't cause your unit to take 3 months to rent vs one month to rent at market rate.