I believe peoples sense of reality is clouded because the dont realize the hard work/sacrifice/failures/mistakes/loss/etc. that may have occurred along the route to becoming a successful investor.

The average year in which the singularity is predicted to occur is 2040. 

Any unexpected events occur yet?

They were about 70 yrs old so maybe something occurred. 

Make sure you look into the details much more and get your paperwork together before getting into the deal.With the lease option, the sale doesn't occur until the purchase option is executed, typically 2-5 yrs down the line.As for tax concerns, definitely consult a CPA.  

As I have a FMU 6-plex, the NOI took a hit but no red-ink.When I purchased, I calculated the break-even point to be two concurrent vacancies and that as never occurred.

They often push a deed in lieu or loan modification, some just tell the seller the issue is taken care of and let a foreclosure occur. 

It's best to have it done now so if something does come up you have time to have it taken care of rather than occur at the time you sell.

That's a matter of inflation - deflation can occur but obviously 1980 lower.

The good thing is that when PB leaks occur, they usually (90% of the time from experience) start as a small spray that tenants will notice.