I wish I had gone through that^ exercise instead of buying a local duplex out here in California.

It is 100% a brain exercise and skill I plan on developing.

Here's a fun thought exercise.

Exercise living off 50% of your income, literally.

So with that our #1 remedy action has been to present tenant with a cash-4-keys option with the "information" (NOT threat) that "if" we can not reach a mutual agreement in cash-4-keys the landlord will be left with no other option than exercising last remaining remedy of civil suite for owed monies, legal costs and damages from breach of contract, receive and file judgement, and then all the following from that such as: judgement affect on credit report, wage garnishment, inability to receive loans or other housing due to impacts of judgement on record. 

Or, the T/B tries to exercise the option and the seller refuses.

It will be an awakening exercise.

When the buyer wants to actually buy the property, which is called "exercising the option", they do a normal purchase transaction to buy it from the landlord/seller.

Here in Texas, we deal with the dreaded option inspection period that 99% of all buyers exercise.

One investor said that maybe the seller could set up a loong term l/o and when the t/b's are ready to exercise their option it would be for the loan amount.What do you think?