If you find deals frequently and with relative ease (I sure as hell don't) then take the easy cash at 145-150 k rather that's selling to him or anyone else willing to pay 150 in its "as is" state.If its a lot of work / stress for you to find deals then maximize your profits and fix and flip it with a PROVEN General Contractor to minimize the headaches.

All of these people have proven track records, but I unfortunately do not.

Our standard real estate commission contracts have about a dozen ways for the a buyer to legally terminate but few agents know the form well enough to recognize this so they often pitch a fit when one of the seldom used termination points is used and will have their seller threaten the title company if the money is released.  

Thinking of using a 403B to reduce w2 income...anyone use a proven method to offset income?

I would also suggest getting savvy on finding and recognizing great deals.

Lots of reasons to be in the REI business vs other businesses - control, cash flow, leverage, obtaining instant equity, well understood/proven wealth-building strategy, inflation protection, tax advantages, etc.    

After two years of demonstrated payments a lender may recognize the sale and no count the underlying mortgage obligation.

Each of the contracts you mentioned convey different rights, they aren't the same.A good option contract has all the elements of a purchase contract and it goes to closing once the buyer gives notice to exercise the option, that's good.As to just evicting, KY and all other states recognize equity established under RTO, L/Os and other installment sales, when an equitable interest is reached you can forget eviction and you'll be going to a judicial foreclosure, worse than a non-judicial action because there is no formal foreclosure and security agreement made.You can get more technical insight to all of these arrangements here on BP with some easy searching. :)

After working for over 35 years as a registered landscape architect/urban design in nationally recognized multi-displine firms, and master planning residential and mixed-use communities around the world, I decided now is the time to add Real Estate Services as an expertise to my portfolio of experiences.

I recognize that's flawed reasoning.