The Option Consideration buys the Option Contract...that's it...and is NOT refundable.4 - A third Contract, the standard Purchase Agreement, happens when/if the Option Agreement is exercised.5 - The Property in question should never need any rehab. 

She is now evoking COVID-related financial distress "to exercise her right to remain in her home"The tenant lease expired today.

He said he wanted to go into a cave and hide so they could not find him to exercise them and buy him out because "if you can get 10% a year on my investment I never want the principle back" .  

You use all of your regular professionals in their regular roles.  

_ What skill sets or assets should your partner have and what roles should they fill?

I hope you have clear, divided roles and responsibilities for each person along with a governance process to mange disagreements.

So, they probably (just assuming here) that they have many of the roles and responsibilities doled out. 

I didn’t think of the LLC role in owner occupation.

You have many options to consider and it may help to narrow down what type of role you want for yourself in all of this. 

I’m trying to play the role of “what if’s” and “worst case scenarios”, but it’s a tough balance when my wife is looking at it from a community and emotional buy perspective.