Please consult an attorney, and CPA, knowledgable in real estate investing and understands the different income streams and asset protection.Never hold investments properties (rentals or flips) in your personal name.Many clients hold "title" in the name of a "land" trust for privacy purposes.

This is something everybody should consult their CPA on.

Age old advise; OP, consult a local attorney.

Don't stop there, consult others...for a fee, that increases the income of Claude!

I am a fresher working in a service providing company which deals in proving service and solutions in marketing, promotions, consulting, digital enterprise, IT services, enterprise solution, corporate training, engineering and industrial services. 

He also can provide consultation for an extra fee if you need it. 

@Perri Kallergis if you still need a FL attorney to setup a business entity and related consultations PM me and would be happy to share my contact with you. 

You should consult with an agent or lawyer by the fact you are actually selling an option on your property $500 is way too little for the privilege and you need to get the buyers financial statements to even see if he is a possible buyer .On the surface it sounds like he is shopping your property around . 

There's no way anybody can accurately give you a figure without seeing the building, knowing the local code, and having a structural engineer do some type of consultation at the very least.

Do not exercise these remedies without consulting an attorney or carefully reviewing the procedures under the applicable sections.