Up to you if you also want to pay any interest on the agreed value of the land over the deal holding period.

Before I move further I would like to educate myself.I'm reaching out to see if you or anyone you know owns a laundromat?

Our strategy is a 3-5 year flip that when you add up the cash flow, the tax savings from depreciation, the mortgage debt pay down, and the fact that we bought it under market value and that we are selling it on a lease option so we don't need to pay realtor fees and have minimal closing costs, our average total profit over a 3-5 year period is round 60k per property that my partner and I split.  

Further the adult children may with to move out on their own during the lease period.

Just finding a deal for an investor can get you you the education you seek.

The old saying goes "you pay for your education".

You do have to get educated first prior to starting out.

After that, the only bugs I'd periodically see were dead bugs covered in white. 

I just think agents need to educate themselves better on market analysis and the rest of us as consumers need to know how to vet an agent.

When the 14 day contingency period ran out they cancelled, so it was wasted time.