You write: PAHOKEE PROPERTY INCOME Total Gross Rent $195,600/year Laundry Income $12,000/year TOTAL NET INCOME (excluding vacancies and repairs) $151,200 BELLE GLADE PROPERTY INCOME Total Gross Potential Income $283,200/year TOTAL NET INCOME (excluding vacancies and repairs) $208,360 I'll analyze the first one and leave the second one as an exercise for you.

Usually advanced notice is required about 6 months on exercising an option or not.

Owner shall indemnify, defend and hold harmless broker, and all person's in broker's firm, regardless of responsibility, from all costs, expenses,suits, liabilities, damages, attorney fees and claims of every type, including but not limited to those arising out of injury or death of any person, or damage to any real or personal property of any person, including Owner, for (i) any repairs performed by Owner or by others hired directly by owner; or (ii) those relating to the management, leasing, rental, security deposits, or operation of the Property by Broker, or any person in Broker's firm, or the performance or exercise of any of the duties, powers, or authorities granted to Broker.

There have been hundreds of posts on BP where investors ask if a certain project is a good deal or not, so perhaps going through those threads might help you exercise your own analysis skills.

Some argue that lawyers will also sue to stop this, arguing that transferring to an LLC is simply an asset protection or estate planning exercise and didn't harm the bank's secured position, thus the clauses are not enforceable in this instance.

Brandon Turner has recently joined his team and has done a tremendous job to enhance all the features and benefits like the keyword alerts.....so investors can connect better.

This exercise builds trust between the parties, Good luck. :)   

The reason is that I would still like to exercise my 1st home buyer benefit (3.5% FHA) but I don't want to miss out on a partnership with him.

The goal:  Not to be surprised by the bank/mortgage broker when you exercise your plan.  

Options spell out the the consideration given to the seller (for example $500) for the option to buy for a set price, and the time frame in which you must exercise the option.