And that is in an environment that is more open than what you are looking at.Another exercise to try - buy a half dozen traffic cones, the taller ones that are 20" high or more or pound some stakes in the ground. 

@John HyunFor CA investors you can create a LLC BUT California will exercise a hefty franchise tax of $800 per year. 

You did all the right things, but maybe you want to try the exercise with a lower cost/price ratio.

It is more of a challenge to manage the pool and exercise room than you may think but students would certainly like to have them, as well as a fire pit to gather around. 

Don’t want you spinning your wheels man but this is a great exercise for ya. 

This week, closing on the sale of this property as the tenant exercises the option after a year.

Not only does it help in dealing with banks, but it's also a great exercise to keep track of your financial health. 

You laid out the pro/con of each approach in your post, so I would take it one step further and do this exercise with your dad:Sit down for 30 minutes and ask, where do we want to be in 3yrs, 5yrs? 

If my tennant buyer would like to exercise option to buy what is the next step I should do?

Purchase price: $114,000 Cash invested: $4,500 Sale price: $142,000 Lived in the home for first 2 years of ownership and then lease optioned it to another family on a 3 year lease term with an option to exercise purchase at the end of the term.