In which case you would need to look at how your state defines "Renting" and "Owning" I would strongly suggest you talk with an attorney and have him help  you draw up the paper work. 

Good luck and congrats on defining and pursuing your goals! 

I find most new investors flounder around when trying to choose a market because they haven't clearly defined their objective and what is most important to them.

It is a broad question and the definition of excessive risk is a very personal one.

This has absolutely nothing to do with seller financing.Second, the Final Rule of the SAFE Act as issued by HUD* is further defined by HUD commentary on what they wrote in the Final Rules.

Donald Trump defines real estate as an "appreciation business." 

This will depend on many factors, including what specific info you are searching for, the policies of each county you work and ease of access (online vs offline only).I don't know any investors who pull the common data themselves, since so much is available at such low cost (or free).Your objective is to decide and define a geographic market and perhaps a description of the property type(s) you seek.

An option is also a well defined unilateral contract and terms used need to be consistent with options.Hybird options are not advisable, you may have a non-refundable option price until your contract is determined to be a purchase contract and not a true option, thereby reclassifying your option price to a down payment which can then be refundable.

How a delay is defined and how much it costs needs to be established before hand (see note on having all your arguments ahead of time).  

What does the IRS define "economic activity" as?