The tenant and I have agreed upon a purchase price and there is an option to purchase clause but there are no "triggering events" for the option to be exercised by the tenant, they can buy the house at any point in there lease or they can walk away if they so choose.

Lease house for 25% of market rent with up to you 4 years to exercise separate option to buy2.)

I love generating ideas :)Market to people that exercise, maybe a 'mudder dash' event.Rent to hunters?

If the owner knew he/she was going to sell the property there might be clauses in there that you can exercise. 

For me it's more about getting exercise while gaining more experience with different types of repairs which will be helpful in the event that I run out of money to pay help or if I feel a need to speed things along.  

I've been a commercial broker for 30 yearsFor a credit tenant, If the primary term is 15 years (with no options to terminate) then the following is market5% for yrs 1-5 plus 3% for yrs  6 - 10 plus 1% of remaining term.Most brokers ask to be paid on options (if and when exercised) and expansions, but really dont expect to be paid on them.

You had better ensure that you can carry the mortgage in 3 years, as you can be rest assured that if the price of oil does not go back up, they will not likely exercise their right to renew the lease again.  

Wold love to hear some insights from investors who have gone through this thought exercise.

His part of the deal is to follow the lease provisions, pay the rent, and exercise reasonable care toward the property.This other stuff is, frankly, none of your business.

If you can do any of the above you can increase NOI and force appreciate the property so that when you exercise option,  their will be enough equity so that you can refi with a commercial lender, pay back owner, and have little to no $ out of pocket for dp.