I'm not so sure that the fact the lender is waiving its right to exercise its option to call the note immediately would prevent it from exercising that right at a later date.

This Execute, Rinse, Repeat exercise adds you 1 solid property a year.If you have additional savings based on having your house partially rented and cash flow off the properties you're accumulating, you can look to use that money for down payments on other more turn key properties to more quickly grow your portfolio.

JP even if the lender is in a state where they do have a right to exercise or enforce a deficiency judgement, sometimes you can do a short sale and use that as leverage for them to release any responsbility on the seller once the home has re-sold, instead of them getting absolutely nothing if the house just goes back REO.

I'm considering offering a lease/option on a low-end SFR in Las Vegas ... have been told by various contacts the percentage of tenants that actually exercise their option to buy the property is somewhere between 5 and 25%.

Again, just going for the thought exercise if the 2-6% double close transaction fees in Philadelphia could be legally avoided 

If all else fails you pretty much have to go find the pieces of the puzzle yourself: track down utility consumption figures from each provider, confirm property tax amounts with the municipality, and try and estimate what you expect you'll need for R&M and CapEx - this can be tough if you don't have a lot of experience but it's still a necessary exercise even if the seller does have solid financials to share.

I would challenge you to find that mythical "other" value add, first (as an exercise).

I know that this is their best option, and I try to encourage them to exercise that option if it's possible.

The podcasts’ emphasis on spelling out your goals, getting some exercise, and then reading (I just finished The One Thing) to help you achieve your goals is something that keeps me focused and motivated.

In the event of default, they can exercise their rights against the owning LLC/entity that owns the collateral.Those are the most common I have seen.