Upon drafting all the paperwork, the sale doesn't commence until the buyer "exercises" the lease option, which triggers a transfer of ownership. 

And as far as jumping on your First Property, First Visit...I advise you to do a cram session on this book by thee Gary Keller, "The Millionaire Real Estate Investor" http://amzn.to/1e5upbdHopefully you've rocked this neigbhorhood with all kinds of analysis before you pull the trigger.  

As for the renovation timing, depending on how much time you have to commit to this, I would spend as much time in planning and getting bids as possible and then pull the trigger and run through the repairs as quickly as possible.

"don't just learn, take action" - @Brandon Turner  It took some convincing of myself to find the courage to pull the trigger but I fully committed. 

You can try it without telling the note holder but you will be triggering the due on sale clause.  

As to you "buy out" you need to define those events that trigger a partner's option to sell or buy, it may not be a simple FROR but a priority of which partner has the first opportunity too.

The seller may be motivated, but you shouldn't be pressured into buying your first deal until you're ready, and having a July deadline to pull the trigger puts too much pressure on you.4. 

Account Closed You are just going to have to pull the trigger.

Lots of times, there are breaks in the sewer lines due to the drought when the land contracted due to dry soil.

After losing out on house number two due to not being able the pull the trigger fast enough I decided that I need to nail down my finances and figure out how exactly I am going to finance my first deal.