So, $9,900 up front and $450 a month positive cash flow plus the back end difference on the final sale closing when my buyer exercises their Option (another $15,000 to me).

If someone who is experienced or knowledgeable in wholesaling in different states would render me some advice on how to do so and do so well it would be appreciated.Then there is documentation - Purchase of Sale Agreements/ Assignment Contracts does anyone have a sample or can point me in the direction of good samples that protect you as the wholesaler when dealing with the seller and then assigning to the buyer.

I offered my 94 yo seller an option to buy, paying his property taxes along the way as option consideration, exercising the option only after its in his estate.I hit all his must-haves (stepped up basis, heirs not having to deal with liquidating, open prices), but he still didn't take it and his wife has passed already. 

Second, you can purchase an option on real estate, which then can be either exercised, assigned to a third party, or canceled for a fee.

I recently had a mold investigator take air samples from some bedrooms a tenant was complaining about.  

Option agreements are specifically designed to achieve what a wholesaler is basically trying to accomplish (i.e. during term of agreement property owner has obligation to sell to option holder at agreed price, but option holder can choose at his/her sole discretion whether to proceed with purchase, sell/assign the option agreement to another buyer, or simply walk away from the deal by letting the option expire without exercising it).Or am I missing something here?

He took a baseline sample outside and then a sample from the affected bedroom. 

So you could set the tenant's window of time to exercise their option as being several years out (for instance, they could exercise their option between the 7th year and the 8th year), so that you'd enjoy that great financing arbitrage for at least 7 years. 

In the event I exercise the option, they'll get their equity and If I break the lease they get the whole property, so their position is pretty solid with little risk.

The owner in this case is exercising good judgement in not wanting to remain on a mortgage that is to be paid by someone who cannot come up with the payment if renters do what renters often do, stop paying rent and need to be evicted.