He has no heirs, and beyond the age of having any, so if he passes away before I exercise it what happens to the option?

@Brendan JacksonI think going about it the manual at first can be a helpful exercise.

If you're sending out a big quantity of offers, you could find yourself with more accepted offers than you can afford to buy.There's also a remote possibility that you could be sued for fraud in the inducement for entering into a contract that you don't have both the intent and ability to close. 

I ask most of my new investor clients in Milwaukee that question – it’s just a mental exercise to snap them out of the cash-flow-exclusive thinking and show that there is a bigger picture.

In return for "valuable consideration" paid at the time the agreement is executed, the option holder is free to exercise the option to buy or not while the agreement is in force.Shifting the discussion to him preparing an option contract rather than a modified P&S may help to avoid having the discussion go in circles...

I value education because it is more than just a piece of paper you get.It is the ambition the discipline, it is aiming high, and your mind is like any other muscle. you need to exercise it for it to grow bigger and stronger.Hell I am crushing it in my market BECAUSE I am a NASA caliber robotics scientist.I became a master at SEO because I see numbers.

Thanks for your thoughts and concise example lol.I am more so looking to create a bridge with the convo though and exercise knowledge showing that my plans for future growth are, relatively, safe and stable as time goes by.

The Parties acknowledge and agree that any misrepresentation or deliberate omission of fact that would induce Bank of America, an Investor or a Mortgage Insurer to agree to the terms of a short payoff that would not have been approved had all facts been known, constitutes Short Sale Fraud and may subject the responsible Party to civil and/or criminal liability.12.

So going after tenants that can't pay is a fruitless exercise.

It is the owner exercising their right to terminate the rental agreement.