I had the best of all worlds, I got to live in a decent community, I got the appreciation rates of the SFR phoenix market, I lived rent free and essentially only paid for utilities, and I got to live and hang out with my friends who I know are going to take care of the place. 

@ Chris Martin, would you say that step 1 essentially involves an assumption of the mortgage?

Real estate is a great career especially when family time is special to you, because a typical 9-5 job would make you miss out on a good chunk of your child's life.

There is a technically the possibility of a DOS clause where the bank could call the note due, but that wouldn't make sense and they don't typically do that.  

Many lenders have already announced a 90 day forebearance and lenders typically take a least 6-12 months to foreclose. 

You can google what is typically required for a commercial mortgage. 

Anyways, real estate is a great career, I had a corporate job for 2 months and I already am sick of the typical 9-5pm job.

We're essentially breaking even.

And was wondering what is the typical length of a lease option/sandwich lease option deal in the area.

So they "helped" initially because the opportunity literally would not exist for you, if not for that agent bringing the opportunity to your attention, in the scenario you just described.Once you've closed a half dozen transactions and are finding opportunity on your own, by contrast, you just might not need an agent - those people are 100% out there and are typically great to work with.