I rarely exercise this clause unless it really is bad. 

I haven't yet established an offering strategy like this, and seems like an exercise for what is available.

Once they exercise seller financing, the property is sold and all 1031 rules apply. 1031 has specific timelines.

That clause avoided a lot of headaches when the seller eventually exercised their option.Seattle permitting can really be a curveball.

Then when I exercised the option within a few months.

Real estate is one of the best mind-sharpening exercises in the investment world simply because getting it wrong there is no stock liquidation or quick way out.

You and the other posters here have been generous in indulging me in this exercise of considering this "partnership" / BRRRR, but demonstrating that we can invest successfully on our own power before seeking out partners is not only my strong preference but just sound business logic.As a new investor my head starts to spin when I start to think about investing, and the many gaps in my knowledge reveal themselves: how to structure a partnership? 

I am committed to doing EVERY exercise period!

I watched every single video and did every single exercise they suggested including writing in extreme detail about my perfect day once I’d “made it”, making an audio recording of it and then listening to it every day.

@David Dachtera, I did the same exercise in a COBOL class ;)