Last time when we first met in downtown Sac for a meet-up I was physically able to get around. 

That way tenant spends the money and if they fail I am not out the physical money upfront.

My son is a recent graduate earning his BA in Exercise Science and a minor in Biology.

I can't seem to find a requirement anywhere in http://www.tn.gov/sos/forms/ss-4270.pdf that I need a physical address in Tennessee.

I was thinking I should exercise my option, and get a sale agreement contract on it with 6 months to close.

If you are in the option period, you can always exercise the option if you are not confident that the property is what you were looking for. 

Has the college student exercised the purchase option?  

It was going to the office physically and talking to who was in charge.  

I'm not saying this will happen, but this is what I'd be prepared for ... and let's face it, the next recession is never a question of if, only a question of when and how bad.Another mental exercise I like to go through is what I call the "and" game ... what and how many things would have to go wrong for you to get in trouble on your investments.

AH ha I was able to tag someoneBob bought a bad note in Chicago and just went through this exercise and I believe he came to the conclusion that buying bad paper was not exactly the best strategy but he will be able to answer your questions with current data  as I said I am pretty sure he just went through this same exercise in Chicago.