Unless there is something in the option to purchase agreement stating otherwise, you can exercise that option at any time during the option period.

There are many roles within real estate, so having a little more color on what you mean will help direct referrals and recommendations.

My role at my current job is in operations management, so I am confident in my ability to create systems to make an out of state, rental property business prosper.With that being said, I have been looking at properties in Cleveland, Ohio, specifically the Clark-Fulton neighborhood (Zip Code 44109).

Is this a short term value play property that will role into a 1031 so you were only going to keep it for a couple years?

Our goal right now is to invest in multi-family properties by building relationships with those professionals in the various roles of real estate investing.I'm hoping to connect with and learn from as many of you as I can, and especially those who have experience in long distance multi-family investing.

This is an intellectual exercise that has no practical value. 

IE option payments that we make yearly to the tune of 150k  are tax Differed until we exercise the option.. so far he has gotten about 1.5 million from us all without pay tax now.. when we exercise the option he will have to pay tax on those funds..

Lot dimensions will play a HUGE role in determining how many spots you can fit.  

@Marc Estepa That is the role of the developer is to cast the vision and assemble the team. 

It may vary depending on the area of town so it might be a good exercise to see which part of town to buy a property.