My credit took a hit in college and right after college (defaulted on student loan).

Are you held to any other standard or practice that makes you liable?" 

However, practically, if you record a memorandum to protect your potential buyer's option it will show on a title search and it may make it more difficult to find a lender who will loan the funds.If your tenant buyer is well qualified they could exercise their option at any time.

Degrees are great and college is great, don't get me wrong, but it is not everyone's cup of tea. 

I drafted up some contracts and had a attorney that practices in my state look over them.Best of luck

I can see a benefit in being single as it allows you to live minimalistic like the college student that you are.

I am college student, graduating in December with a mechanical engineering degree.  

In the State of Missouri, the education requirements as prerequisites for taking the real estate exam are waived for attorneys, and the prerequisite for practicing as a real estate agent for a certain about of time is also waived to take the Broker's exam.

Have a $80k HELOC on the SFH( probably appraise for $230k to $250k now.) used the $80k HELOC to buy outright a 4-2.5 SFH in another state ( college town) rents for $1400+.

This is common practice for buyers or sellers, and the agents when the appraisal does't seem to support the purchase price.