It is really for the sake of the QI who cannot have any taint of clients having constructive control over the funds, and the rest of the QIs clients who could suffer if the IRS ever ruled that a QI was actually letting clients exercise constructive control over their funds. 

Get your numbers down pat -- spend time on craigslist seeing how much houses rent for, and then go to realtor.com and figure out if any single families in your area will cashflow (not to buy, because you don't have the money down right now; just as an exercise to build your deal-recognition muscle).When you find the MFR in your area, call the landlords and PMs and ask if you can take them for coffee.

Early termination if included in the lease is what the renter can exercise if they want to leave the lease early.

Coming here and asking the general question what do I need to know about what investing in notes is really just an exercise in futility.

But I'm not sure what else is required so I can exercise these options.

Being a do-it-yourself site there are lots of options that are mostly shovel and exercise and very low expense if you want to go that way. 

This right is exercised after the Sworn Statement of Inability to Pay has been approved and the appeal perfected by making a written application to the County Court at Law in which the appeal is filed.

Which is most likely why the agent hasn't gotten to it yet (It is really an exercise in futility often especially if there is over 50K to overcome).

Upon renewal  if the tenant does not exercise the option you typically get the building by default.Leasehold - You do own the building but no the land.

I know you don’t believe things happen for a reason but this exercise may change that.