Just a bilateral agreement that specifies:The giver of the option, or optionorThe receiver of the option, or optioneeThe purchase priceThe term (start date and end date) that the agreement will be in effectThe consideration (typically a dollar amount) paid by the optionee to secure the right to buyPLUS whatever else your attorney thinks is necessary.Make the document recordable by your county clerk, get it signed (and possibly notarized), and then have it recorded on public record.The intent is to ensure that if he tries to sell to anyone else, a title search will find this agreement and trigger a title defect.

BRRRR is just one tool in the REI toolbox. 

How do you guys search or research the principal?

Focus on using the license as a tool to better your business.  

I do think searching for someone in your local real would be the best and quickest way to save this deal!

We have automatic door locks, automatic check-in / check-out messaging (AirGMS), automatic pricing tools (Outswitch), and a cleaning staff that is starting to learn how to use our apps to coordinate themselves. 

I've been searching foreclosure sights and saw what looked like a really well maintained property with new roof.

You can search here for info. 

While searching for other podcasts, I found BP.

A quick and simple evaluation tool is this.