all 4 building are on cripple walls.they will not survive a moderate shaking.I worry... 

She is extremely experienced in dealing in representing landlords with tennat issues.Finances, real estate, investing all extremely valuable information to acquire but if you want to survive  our nanny state pro tennat environment learn the system.

Even with a third-party involved, options that are functionally contract assignments ($100 option to buy some third party's property) are unlikely to survive scrutiny. 

Just like a first survives foreclosure by a second.

He survived since he knew that his loans not getting refied was a possibility and he planned options. 

Choose wisely, and choose a group that has depth in their team, a track record, has survived market cycles and has experience in the product type and market.  

But it might be more passive, for sure.All depends on math, and that I do not plan much more than 10 years (if I will survive up:).If I factor the expenses (related to cost of the residental rental) 2,5%depr+1,5%ptax+2%insurance+management etc., that leaves me really small space to get the profit without appreciation.May be for commercial the numbers will look different.

Sure, it might be lower middle class in NYC or SF, but you can still survive. 

It sounds like you have Joint Tenancy, which means that the surviving spouse will receive a stepped up basis on 1/2 of the property (the part inherited from the deceased spouse). 

My strategy is to make sure I have enough equity and cash flow to survive.