Otherwise this becomes a crap sandwich for you.Rather than an option, it would be my preference to buy property now, sub-2, get authorization of release of info so you can communicate with lender/servicer, and give seller a pre-determine time to remain in possession while you work your checklist of items to complete, starting with yard and exterior house renovation. 

That way the seller keeps the property on the market, but you have the right to purchase the property at the agreed upon price for a predetermined period of time.  

This plus how you predetermined the exit strategy and buy outs when you entered the agreement, will determine what you will get.  

The only thing I remember reading about LY, was that there is no pre-determined amount of time to return a security deposit, unless there's a dispute of some kind and then it's between 30-60 days.

This means you'd lease a multi-family property (which you may potentially then sub-lease for a little cash flow) with an option to buy at a predetermined price at a predetermined time.

You have the age-old issue about "who owes what" in a scenario where you did research labor without a contract and pre-determined terms.

For instance: I come across a deal from another investor and it seems like a perfect fit for one of my buyer's -- I should then contact Investor (wholesaler) to see if we can arrange for a pre-determined fee amount if in fact, I'm able to bring him a buyer at his price.If it turns out buyer is interested, and purchases property, then wholesaler pays me my pre-determined fee.It seems too simple.

Assuming your doing a typical Assignment of Contract and not Short Sales or any type of seller carry deals, you can start with a list of Absentee owners for whatever area your targeting.List source and Mellisa data both have lists that can be ordered with your pre-determined criteria such as year built, square footage, lot size, tax assessed value, etc.

In addition, a clause will exist which allows class B equity holders to sell their stake 10 years after the initial investment to myself or a company wholly owned by myself at a predetermined cap rate which fluctuates only with the interest rates at that point in time.

I never predetermine my exit strategy on any deal, meaning I don't look at deals as this one is a wholesale, that one is a fix-flip, and that one is one I'm going to hold as rental.