Chris, a good way to devise an option for this is to look at a purchase contract and take out the default provisions, inspections as there are no improvements as well as insurance matters, set a price at each lot.You need to state how notice will be given to exercise the option, time period to close each sale.You'll have title work, settlement, accrued taxes.I would state a significant option price which would be an amount included in the price for the sub.

A lease/option is NOT a sale until the option is exercised, thus if they exercise a year later you have a long term capital gain.

Don't forget to exercise afterward.

So now there's that fear that, when looking at properties and either doing a mental exercise or actually getting serious about buying it, there is something inherently bad about that property.

You'd then be forced to issue them a 28 day notice to either: 1) inspire them to sign the renewal, or 2) move out and rent it to someone else.Lease renewals are a great time to make sure your lease provisions are also compliant with various state and/or local laws - so that they're always enforceable if you end up needing to exercise a right under the agreement.

I quit that exercise even on my rentals after seeing the negativity that customers had.

I figured I could get the house on terms and make a profit from the option fee and possibly monthly cash flow, then money from the sale at the end of the option of the tenant chose to exercise the option to buy.

Allow the property to go into foreclosure and then once the property gets purchased back by the lender and then sold to a 3rd party exercise the TOPA (Tenant Opportunity to Purchase Act) rights with his current lease to block anyone else from purchasing. 

The 3rd option is to do a lease option on it to save myself on taxes when option hopefully exercised in a year.  

Start running houses through Bigger Pockets Calculator and exercise your mind to be able to look at a home in your area, Know what it is worth and what it will rent for.