I've looked at raising the offer to within my strike price.Also, again if it appraises lower than my offer (if accepted), I have no equity.

Worst case scenario (and I've read enough stories to know it happens) you just bought a house and Murphy strikes with his best shot to bankrupt you....what's a reasonable emergency fund to cover most of what he'll throw at me without rendering me illiquid?

I might reasonable expect to pay a little more for an option valid for 3-years than on for 12-months, but only marginally.Conversely, if I were buying an option on a property in Vancouver - where real estate agents have recently been sanctioned for rolling properties through 2-3 buyers with a 50 - 100K price jump with each buyer - the market is vastly more volatile and the time component of any option (with a fixed strike) is going to carry a much greater cost ... that and it would be doubtful anyone would sell you an option out further than 12-months (if that long).Why would there not be a time component to the valuation of an option on a property?  

If you negotiate deal with the owner, you might strike a better deal.

Assure them that they can strike out any of these numbers for confidentiality.  

@Damon Rucker introduce yourself and ask them what issues they have with living there, fix all the small and inexpensive items promptly .If they suggest larger , more costly improvements then that’s your opening to striking a deal regarding a rent increase and a greater commitment contract wise, otherwise I would suggest you keep rents as they are until they leave.In the same way that the secret to having good employees is to ensure they enjoy making money for your business, a tenant happy to pay for the home and service they get is much more likely to stay....

I know my market, I know what I want to buy, I know what to look for, and I know where to look, I sit back wait till something falls onto my lap and I strike like a Cobra. 

I will try to strike a better balance when approaching real estate transactions. 

💥“These figures reflect the striking difference between the aftermath of the pandemic crisis and that of the housing crisis of 2008: In 2021, there were nearly three times more apartments under construction than there were in 2011,” according to a new report from RentCafe.The amount of new deliveries, as estimated by Yardi Matrix, represents just a 2.5% decrease in new units over 2020 figures.

And anyone who's read The Millionaire Next Door knows that most wealthy people, especially those who worked for it rather than inheriting it or striking it rich in sports or entertainment, drive pretty standard vehicles, not luxury vehicles.