So I was hoping there is room for striking some good deals. 

That brings us to what we call the "Strike Price", or the price, or the highest price we would be willing to pay for that property.

I see 3 strikes against this deal. 1.

That's how much I hate cold calls.I know this sounds crazy, but if you're seeing an owner pop up multiple times, I think you'd get more mileage out of checking out any available social media they have, trying to meet them at something they enjoy, striking up a conversation, and building a relationship (professional of course).

Pull one out strike it, it fizzles, toss it on the ground and strike the next one, keep going until you get to the one that lights.

My question would be how to strike a proper balance between caution and enthusiasm and if I am on the right track.

3️⃣ What are the key factors to consider when striking the perfect balance between tax benefits and legal protection, and what potential pitfalls should I be wary of?

The investor lost more than just their profit.Note the option strike prices was only 5% more than the prior sale price.John Corey

I was able to get a prequalification done so hopefully that helps put me a good position to strike when the opportunity comes. 

nice strike !