I decided to exercise that right and emailed the seller stating that neither myself, nor my investors were comfortable moving forward with the deal given that Pizza Hut could not confirm their willingness to renew the lease.7.

Your escrow will be returned to you (assuming no unusual factors) if your financing falls through or if you exercise your right to cancel the contract "for any reason" based on your home inspection. 

@Elijah FastYour lender and possible your insurer will require a Phase 1 assessment .... this is predominately a visual inspection and paper exercise (costing anywhere from $750 - $2500) with the objective of discovering any potential contamination of the property (or demonstrating that there is none).An abandoned underground storage tank (UST) is something which should be disclosed by the vendor (it appears that it has been in this instance), but it is an example of the sorts of things a Phase 1 ESA looks to discover.Depending on the results of the Phase 1, you may very well be requested to continue with a Phase II ESA.Having a Phase 1 lets you know what you are walking into ... which is why lenders want them.  

Should pay you up front and at time of exercise if done properly.Both of these strategies are extremely uncommon in most markets these days so you should have plenty of time to research LOAs while you hunt for one. 

My parents also have a $200K court judgment for a judicial sale on the property against this lien, but they have not exercised that judgment. 

I'll reiterate that at this stage I'm not yet ready to jump on any one property, this is purely an educational exercise for me.

Bigger Pockets help  Sounds like you are doing a Wrap with a balloon, not a Subject To and in addition to that, sounds like the bank can exercise the Due on Sale clause.

I won't focus to much on the agent side of it, but of course I will exercise the duties in future deals of my own and hopefully a few referrals here and there.

Toured one place with heated pool, billiard room, tanning salon, full-sized indoor basketball gym, exercise room, movie room, and so on and so forth.

If the tenet buyer exercises the option, then we would minus the $8000 and they would buy it from the seller at $92000.