With only around 5k families exercising their right to school choice it doesn't seem to be used very much. 

All option money is non-refundable and applies to down payment if option is exercised. 

Your situation may differ and I would use all your same criteria (on all parties) and exercise extreme caution....if you are building a pool of applicants, the couple with no documented income would not likely be at the top for me (not sure what the the commission only single salary gig would be, but probably not a front runner in my pools or even meeting minimum criteria)....and you still have to even verify the third party payer would be credit worthy and even interested....

If not we will exercise the other options you guys suggested.

If the buyer has not submitted a "deposit" or "earnest money", they have nothing to lose by not exercising the option.

The National Housing Authority has exclusive jurisdiction to regulate real estate trade and business, a function, which is presently exercised by the Housing and Land Use Regulatory Board (HLURB).

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The seller has to sell but I don't have to exercise my option to buy. 

This was a pricey exercise but is worth it for long term buy/hold, as I am not interested in paying for use of these utilities.

I have though about it when I have been board and wanting a mental exercise.