@Casey MericleI don't know of any time limit on an option but you have to be reasonable and ethical.

A win for the investor (which can only be determined by finding out what their needs are for being a part of this and nailing it), a win for you (purchasing an asset using someone else's money), and a win for the tenants you are housing (making sure you take care of each and every tenant ethically and with respect). 

Is it work ethic, persistence, attitude, a combo of these things?

This is strictly a perception thing in my opinion, not a legal issue.Also generally speaking the code of ethics for licensees makes things like wholesaling a bit of a gray area in terms of who all gets a piece of the pie (broker's comission split and other distribution of earnings)

I'm older (close to 50) but the work ethic today is atrocious.

I know the idea sucks of having to pay, but try to put your ego/morals/ethics/etc aside and look at the big picture of the $ you'll be making on this sale.

Is there an ethical way to demand payment or can you chalk up the loss rent on insurance claim?

I know my personality/work ethic so I think I can make a really great broker.

There's nothing ethically wrong if the seller/selling agent says that there was an offer for $xxx and it was turned down by the seller.

Postman goes to deliver the mail, they will either pull it out and trash it or they may just pile everything on top (depends on their work ethic).