I went through the exercise on my Summerlin townhouse.. 

You could then exercise the option and realize the gain or you could sell the option.  

Collect a $10,000 option fee (36 month option)$70,000 option priceMonthly rent increase to $800/mo....contribute $30/mo. to purchase price to justify the rent increase.Everything else remains constant$6,500 cash on the front end$10,000 on the back end if they exercise the option...if not, plan B...Thoughts?

You can add language that says, you cannot exercise your Option for the 1st (fill in a timeline) years. 

But its like internet dating one does need to exercise some caution.

All I wanted from this exercise was to get my foot in the water but seems like I just took 100 steps backward judging from the 0 responses.

(Meaning you can control real estate by buying an option to purchase it later and exercise the option when the time is right)

I talk to everyone about what I do...and I mean everyone - guy came out to do a site inspection for access to credit header info for one of my lead sources and before I knew it he's telling me about two properties he sees when he rides his bike for exercise.

For me, it was an exercise in taking action to get started, and seeing what I could learn along the way.

But again, exercise control, don't buy a boat.Using a HELOC to get rid of PMI would be a smart move, assuming the HELOC rate is reasonable.