We will never sell on a Land Contract, but we will on a Lease Option (Lease or rent to own).As far as your market is concerned, it is not the market of choice.  

The option fee will be non-refundable in the event of default or choice not to purchase, but should it be applied toward the purchase price typically or is it just money collected for the option to purchase a property in that manner?

I will tell you that the actual test I took for my license was more situational based than multiple choice, true/false etc...

Is it smart to spend the money on creating another living space and what would it do to the resale value of the home?  

@Lucas Hammer, smart move.

Our office is our smart phone and tablet.I executed a joint venture with Elite Real Estate Systems who provides agent websites and BoomTown (an unbelievably robust CRM/back end) along with leadgen.  

Not my first choice of areas, but we wanted to get the ball rolling as we've been actively looking since November.

Success is a process, failure is a choice

Wise choice joining BP.

I'd love to hear your reason behind your choice.