You might have a lapse between leases. 

normally, there's a limited time to complete the work, at which time the permit lapses. 

HiMarkI "started" into wholesaling in 2013, found 4 great deals ($75k to $105k profit after reno) BUT didn't have any relationships with "BUYERS" so I showed the properties to some scumbag investors, they waited for the time I had control of the properties to lapse, I pulled out, they moved in bought the properties at my negotiated price and BURNED ME out of my requested assignment fee($5000). 

My plan was to let it lapse next month since I'm not with a broker right now anyway, but I may choose to renew it after I graduate next year so I can buy my own house.I am curious if someone can explain to me what the protocol for this would be?

My fear is that seller might let insurance lapse, something happens to house, etc.  

Now all of this (except the layoff) is entirely my fault and I claim full responsibility for the lapses in judgement and not taking more action to protect myself from all these negatives, but on a more positive note.......I AM A FULL TIME REAL ESTATE INVESTOR AS OF TOMORROW!!!!!!!!!!!!

I have since let it lapse since my need for it is non-existent at this point.

Pro- no way is the option being tied to the lease unless everyone agrees that it is, you can justify the time lapse as a test period.

The primary host used to be a licensed agent and broker and decided to let his license lapse in favor of organizing syndication deals and adding good Realtors to his team.

A property manager ticked off a tenant. He discovered their domain registration was not updated. He bought their domain name and took over their web site to seek his revenge. Enjoy!www.robinsoncorealtors.com