Its a pretty safe bet that they won't exercise their right.As far as why banks buy back properties, I honestly don't know for sure.

I guess I should exercise some patience as it seems I am moving at a rapid pace.

Increase rents and decrease expenses.Have an option to buy based on low NOI and either sell your option or exercise it.Need Private Investors for 100 units.

My business suffered badly, and I lost money, and nearly lost the family home.I got my health back and I decided to go back to teaching and really enjoy my role as a High School teacher.

ZERO marketing costs, Great exercise and you get to meet Wonderful people.

It's not unheard of but extremely rare for these to be exercised. 

Early on I would not care so much about getting the property, but more so going through the exercise of evaluating its profitability.

what type commercial properties is he comfortable owning (apts, mobile home parks, office, retail, etc), what role does he want to play (equity partner, co-manager), when does he want the initial investment returned (five year hold period, longer?)

If her house sells she'll probably end up exercising that option shortly anyway.

No different than exercising an option on a stock.