Usually within a few years when my tenant ends up exercising their option that I will give to them under a lease option agreement.

Your lease option is still just a lease with an option to buy which may never be exercised.

He should be allowed to exercise that option.

Don't worry about the repair costs during this exercise unless you're doing rehabs (you can make an educated guess for practicing - it's fun to see how it changes your numbers).

Exercise isn't even in my vocabulary any more.

Before I took possession of the building he had the previous owner send the upstairs tenants a letter asking them not to use thier exercise bike in the morning as it disturbs him.

It's a great workout for you, the homeowner, if you want some exercise, and the results are great when you're done, but I wouldn't recommend you let your renter build a fence.Take Care,Chris

Definitely treat renting your home as a business and not a social exercise (And I don't think you need an LLC in your case.

Buyer gets deed when they exercise the contract.

Of course the property would need to be a relatively higher cap rate considering it would need to cover the 6 & 8% interest being paid.Another option would be a lease option or something of that nature, sublet and exercise the option with private money or a conventional loan.I would love to hear some other ideas/thoughts, etc. on this!