Once they exercise their Option, I pay off my underlying Option and pocket the remaining.

However with a Lease Option any fixing you do to the property is not yours until you exercise the Option.

Hence this call might be more of a training exercise than a deal that produces cash.John Corey

Would I need to structure it as a 2 month lease with 10 monthly renewal options to be exercised 30 days before expiration?

It's also so nice to hear from a person who did this exercise and it's been successful.

We overcame this by sacrificing most of our personal time, exercise, and sleep for the entire month of September.

I want to tell the seller (which is an estate attorney) they can't require a mortgage when I exercise the option.

If the Seller is telling you that he expects you to provide the contract, then that is a different story and you should exercise reasonable caution to insure that you are providing a fair contract. 

Let the results, good or bad, speak for themselves and teach.Don't Have a Scarcity MindsetKnow that when you invest your money, you are not limiting your income by exercising your savings.

I highly encourage you to run through this exercise to ensure you are asking better questions, tracking to your goals and adjusting your process if needed to achieve your goals.The two main takeaways are: 1.