Medical facility.

The sellers have one issue and that they just found out today that TenCare basically stated they are owed $122,000 from what I understand is to reimburse them for several years of nursing home care and medication.  

(It is also free)  Aside from that prudent exercise, you (or someone else) could pull up the county record for the subject property and do some basic diligence on the mortgage to see where the balance might be today had all payments been made as agreed.  

Before starting medical school, I started a wholesale/retail ecommerce business selling emergency vehicle products (Whacker Technologies, Inc).

In my market place 75% of options were not exercised, so 75% of the time the seller just rented out his property in effect while the investor pocketed some option money and the monthly rent spread.  

I would focus on making great deals - rather than trying to acquire an arbitrary number of properties.For an option to buy to be profitable, it has to be significantly below the purchase price and you have to have the down payment to exercise the option - which would be 25% of the option price on most loans.The margin is needed because you have realtor/marketing/carrying costs if you buy and flip. 

Jesse - dont you want to avoid 2nd mortgages - if the person - no fault of their own - medical emergency, layoff from 12 years of steady employment etc happen - defaults you probably get nothing.?

That construction agreement may not be valid without a license.Forget any construction financing, you can't give the property as collateral.If suppliers extend credit for materials, they will generally want the address and owner to sign or a licensed contractor with a valid construction agreement allowing liens to be created.You can file your option and cloud title, but that cloud doesn't prevent an owner from selling the property subject to that option, the new owner will be obligated to sell it under the option, but if you fail to exercise it as agreed, they will own the place.

I'm reading one right now that would (if I signed it) require ME, the Buyer, to pay the Broker 3% or $2500 (whichever is greater) WHETHER I BUY A LISTED PROPERTY OR NOT.Now, my Realtor assures me that they would only exercise that if I bought a FSBO, but the paper doesn't lie: Some of these contracts are a liability. 

If the buyer is not satisfied with the information in the inspection report or cannot get the seller to agree to requested repairs, the buyer can exercise his right to terminate the contract before his option period ends.