Examination of the actual loan documents would reveal the actual security terms.  

@Munya Ben I haven't really looked in that area or examined the site.  

I believe you can take examinations outside of OK, and you'll have to call PSI (https://www.ok.gov/OREC/Information_for_Obtaining_a_License/index.html#arrangements phone number is here, won't let me post on BP) for testing locations.  

So at the end of the day it is indeed trust in the sponsor and a close examination of past performance.

Even today I'd be reluctant to close on any deals without my attorney & quick title examination. 

We would need to examine whether the lease option was a disguised sale, but in general the holding period for the building sans improvements starts the day title passes to you after exercising the option.Talk to your talk professional for the nuanced conversation including any wrinkles about the leasehold improvements.

But if you know that the lender will let it go for a lot less, you might actually prepare a bid and give the property a quick examination. 

One of my adopted mentors says that until you know value, EVERYthing is worthless.Find out all you can about it first, then re-examine whatever decision you're considering right now and see if stands up in the light of day.

One thing you will want to be sure to examine is whether to pursue a tax-deferred and/or Roth strategy.  

This is an old list (from 2010) so not sure if any others have been added since then: ArkansasColoradoConnecticutMississippiNebraskaOklahomaWest VirginiaWyomingThere are likely other states that will honor an Ohio license, however, Ohio will not honor theirs - this is generally the case for states which have fewer prelicensing requirements than Ohio.Also, there are other states for which you might only need to take a limited amount of classes, and/or take a particular exam in order to obtain licensure there.