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.

I was going to buy and sell using an option contract, exercise my option when I find a buyer and do a double close.

Failure to exercise this right, as indicated by your willingness to stay in the premises, pay rent, and not give proper written notice as most standard rental agreements call for, again, you have no one to blame.Finally, and with apologies to readers of this forum (who are obviously much better informed than the average mom & pop investor), many landlords are, well, less than professional.

However, I feel as passionate about it as my wife does about pottery; with that said, I feel that it is time for me to exercise what I'm learning so that I am ready to take advantage of that first opportunity when it arises.As of now, I am deployed but anxious to be home soon.

Don't forget to exercise afterward.

About half of the time they would not exercise the lease option so I have held the local rental for years.I haven't purchased homes in Utah for over 10 years as there are better deals in other states like Ohio and Alabama, where I have been buying cash.  

On a six unit building it is very unlikely that the tenants would exercise that option, but it can add time to the closing cycle.

I would just recommend to read it carefully and make sure you know your pro's and con's and exit strategies in the event the lender is able to exercise certain provisions within the agreement/note/contract.

It is a little labor intensive, but not a bad exercise to get you familiar with talking to people (and getting used to rejections in my case :( )

Find a buyer that will buy it for $135,000 and exercise your option for $125,000, unless you can get it for less.