And no, you would not be able to exercise your right - indefinitely.  

(Or, rinse and repeat the first exercise, but maybe with a Lot that is NOT generating income yet)?

Usually the consideration is the payment of money but it need not be; it can be anything of value including the promise not to do something, or to refrain from exercising some right.The payment does not need to be a fair payment.

Those items like kayak, paddle board, BBQ grill, lawn furniture, floor mounted pull up exercise bar, stationary bike...stuff like that which the tenants are free to take advantage of but it is not part of what the rent includes.I think hotels do that when they say they have "complimentary newspaper service, complimentary WIFI". 

Then, when it comes time to exercise your option to purchase, you'll be more favorable to the lender.

Have the buyer in place, increase the rent if market allows, then sell it when buyer exercises the option.

Seller agrees to sell it for 100K.Wholesaler finds a buyer willing to pay 110K.Wholesaler purchases the property for 100K and sells it to the buyer for 110K.Profit from the deal 10K.At no time in the exercise is the wholesaler representing anyone but themselves.

They had given you the option to borrow based on their available cash and your financials at the time and then they simply withdrew their option since you were not exercising it and their cash position changed.So, the answer was/is to borrow the full line of credit, before they withdrew the option (or cancelled it, to use your term).

The FilePlace is an excellent resource on BP! However, I often wish it had a couple tweaks that I believe would make it a lot more useful to everyone:1) Add an "upload date" column beside the download count and file s...

Touching up paint around the windows, making sure gutters are not clogged and securely fastened, and other little things that can enhance the appearance.