Best words of advice I can give about any subject...Learn ferociously for a short period of time (always with the intent of applying the knowledge), take a few of the concepts you learn into the real world on a small scale to actually feel it and gain confidence, make a plan with short and long term goals and then attack it.

Most of my IRA rehabs will return my money in a 3 to 4 year period with the house held free and clear.

I would like to purchase 2 single family homes and a small multi-family in about a 2 year period.

Your RMLO partner will calculate the agreed upon amount based on a specific period of time and if you have agreed on a balloon payment or not.

And yes, you are correct, almost all vacant land contracts have a very open feasibility study period that allows you to walk for any reason. 

Period.

In a super hot market, I'd be asking for short option period, with a relatively high option fee. 

We try to focus the longevity of the investment period but market forces can either accelerate or delay such plans so it is always at our discretion.

I'm of the believe that you take the financing that's available and fits the bill for the opportunity you have in question - whether that means accepting variable rate risk for the right deal (or for a deal that has future potential for easy refi's to more stable funding, or one that you plan to only be in for less than the fixed period) or holding until you can align a deal with the availability of fixed rate funding.

However, the seasoning period is 90 days following when the seller closed on the property.