If it was done properly the Optionee (tenant buyer) has the exclusive right to buy, so you'd have to purchase the right from them.Sounds like a mess.

And if used, how much does it cost to properly get rid of it ?

When writing a contract you will have dates and deadlines that you can get out of a contract with proper reasoning.  

The fact they are complaining online might be an indication the property manager dealt with them properly so be sure to ask the manager for their side of the story.7.

@Dan StrandbergUnless the process is different there, the inspection should include identifying the type of septic tank and drain field/system; evacuation; checking for cracks/roots/deterioration; type of material tank is made of; if it’s level; size of the tank- is it large enough for the number of bedrooms; whether it closes properly; whether water run through it drains properly; that the ‘hatch’ closes properly; setbacks from the home/boundary etc; and whether both septic and drainage meet any existing regulations.Hope this helps!

You must prepare a form 3115 Change in Accounting Method in the current year to correct prior years and get the record set properly for going forward.The form is not for the faint of heart. 

I have a 3% on my personal resi but I still pay an additional 50% every month because I want it paid off in the next few years.... but no question if one is trying to scale a rental business debt comes right along with it.I was at a real estate function a few weeks back and the host had a saying " refi till you die"  I really can't get behind that... and reality is 30% or more of americans homes are paid for.. and if that number was a lot higher we would not have such wild swings when you have a down or flat market.

I don't have experience in the Detroit market, but I assume there are plenty of properties available that look great on paper but are going to be a real challenge to manage properly, especially from across the country.

@Grant Steiner - If you're planning to rent it for a year or two before moving and getting your own residence the most important things will be making sure you have signed leases and that you are properly reporting everything on your taxes.

Do everything by the book, and in the case when you are faced with a lawsuit, use a good liability policy as a first line of defense, and your LLC that you have properly structured and documented  as the second.