1st off...If yo haven't done a sandwich LO before, I would highly recommend starting off with the assignment LO, or sometimes referred to as the Cooperative Assignment.You work with the owner to set the numbers, including the option price, rent and rent credit.When I send preliminary figures to the owner, I know that those are very likely the figures we are going with.

The rules are cryptic and most LO's just don't understand the multiple-mortgage stuff.

The deal is thin as to equity.There are pretty houses without rehab work with no equity you could LO and assign.Sandwich LO is not great.Loan is great % tho.Why are the rental comps so greatly spread from 1100 to 1400?

The problem has nothing to do with any jurisdiction or the legality of such an agreement, while there are limitations in Texas, I'm under the impression no other state makes any requirement concerning seperate agreements.As I mentioned above, I did say that when there was a sufficient down payment a one document L/O could be used but that if it was less than 10% of the purchase price they should be avoided if credits are given.In most all lease-options drafted as one agreement that I have seen they tend to provide credits from rents toward the purchase.

Brian knows much more about the L/O than I, but normally the $10k option money is Not refundable.

Lo and behold, once in a while you hear a story about a CASH buyer having to pay a HIGHER price for the car, and that's why.

That's a bad LO situation if they made you do it at 25% down. 

As an LO for such a company, my job was to analyze a huge number of deals from rehabs and GUC to rentals and rental portfolios and a good bit of large multifamily.

I recommend networking at lo Real Estate investing Meetups, there are several good ones in our area.

you are assigning a LO to someone else?