If you want to cover all the bases, offer to teach them how to lose 80 pounds while eating all they want and not exercising.

John,As an exercise, I've used a couple generalized numbers.

Please be careful and exercise a healthy skepticism when choosing who you learn from.

By going through the exercise of translating the lender terms to your projects expected financing costs you just might find that the difference in one lenders terms over the other isn't monetarily significant.  

My challenge now is that I don't want to leave too much money locked in until the tenants exercise their option.

In addition, if this Agreement is terminated pursuant to this paragraph, Landlord may, at Landlord's option, declare the entire balance of rent payable hereunder to be immediately due and payable and may exercise any and all rights and remedies available to Landlord at law or in equity.

@Sebastian Harris Your operating agreement will outline major responsibilities, profit splits, who does what work and who can exercise control. 

If they do not elect the exercise their rights, they will waive them.

It all depends on supply and demand both for the investment type and the underlying use of the property.In general though it's a fairly simple financial exercise. 

He's well-capitalized.What about her getting a heloc or home equity loan and you an option to buy you can exercise when she passes?