[/b]The big deal in Texas is that if it is a Executory Contract, then the statutes apply.Here is some lawyer talking about substitutes for the lease option...

You will want to add some items to the note to make it better for you in the event that the seller/lender want to turn it into cash.First right of refusal, substitution of collateral, and some valuation mechanisms are things that I would start with and see if they counter them out.

Every time it was the appointed time for our phone call, I got a call from a substitute, apologizing that George and Gary were both unexpectedly unavailable, and explaining that he/she were going to speak with me instead.

The POF I sent was in the name of Barnard Enterprises, Inc (my corp) and since that happened to have my name in it as did the trustee name on the contract, no questions were every brought up by the seller.At closing, escrow would be instructed to wire my fee to me and the buyer and I would execute a substitution of trustee at closing.

You can have $99 yearly substitution with Wix.com - it is very powerful and you can do pretty much anything. 

That being said, these forums ought to be only a beginning of your real estate education as there's no substitute for books, real estate clubs (for inspiration), topic-specific training (later) and experience.If you posess the curse of the 'engineering gene' beware of any tendency to want to over-analyze.

You have to do due diligence and prove to the court that you looked high and low before they'll just let you substitute service.

There is no substitute for due diligence!!  

Joshua Dorkin and @ J Scott; You guys may not be aware, but someone has been substituting new pictures in your avatars.

County tax records and Zillow are not good substitutes to determine value in Texas.