In any case, this is more of a learning exercise for me.

Additionally, contract assignment has been a legal action for hundreds of years, how does Someone sign their name on a contract (which obviously ties up the seller), then realize they don’t want to go through with exercising that contract, then find someone to put in their place on the contract to assign it to them, and do it legally?

As an exercise, do some research into similar properties in the area and confirm whether you think his estimation of value is accurate or not.

If they can't do that then I have an early termination clause in my lease they can exercise and get out now.They need to pay rent according to the lease or face the legal consequences (eviction).

has exercised any bankruptcy rights?

(Whichever length of time we agree upon.)If I exercise the option, I will purchase the property for $250,000, $257,500, or $265,000.

If you go that route make sure you separate the lease from the option and charge close to market rents or the court could claim that the option payment and/or the above-market rent gives the tenant equitable interest prior to exercising the option.

The T/B will almost never exercise the option!

Exercise your creativity, as it is useful with real estate too.

It's belated because I have been exercising the freedom my investing allows to travel in Montana and Wyoming while managing the company remotely.