Options are simply agreements allowing someone the right to purchase somethin, anything, at a set price over a period of time and under any conditions agreed to with consideration paid for the right to do so.I just answered on thread about changing any real estate sale contract into an option by eliminating penalties regarding performance of the buyer, without ever using the word "Option".What I suggested he was to sell an option to buy the contract.

Your rent needs to be close to the FMR, it can be less as other consideration for the lease, not the purchase.Consider too, that in normal times, RE may appreciate around 3% a year, taking a 10% equity in three years may bring the equity in the property to 15 to 20% range by the time it is appraised and that rents will likely be higher at that time as well.

At the same time, the buyer's offer will take into consideration, the buyer's costs of purchasing the property (the commission paid to his agent, etc.), so his offer should be less than if the commission was all on the seller's side.

In the meantime we are racking up a considerable debt that will have to be paid or defaulted on in time.

It would not surprise me if a considerable windfall would be actually then provided for teaching.

Renting the high price turkey has been a consideration, but the rental rates in that part of Florida are very low.

An important point to make is that the sale contract be extended upon a written request (and perhaps additional consideration for the down payment) making sure that the extensions are not automatic.

The expenses could be considerably greater than just the cash-for-keys and the furnace.Could you close the deal with hard money, deal with these squatters and the furnace and then refi?

If the trench can be dug with a backhoe, then the cost is going to be considerably cheaper.

If you were to collect an upfront option consideration its value would include intrinsic value as well as time value.