However, housing WHERE you want it, HOW you want it, and at a price YOU want to pay, well that's goes far beyond a "right".There have been many many solutions presented to improve housing affordability, like revamping our asinine building codes, reducing the cost of litigation, rewriting insanely punitive legislation such as the CRLTO, providing tax credits or reducing taxes, and increasing subsidies while reducing the red-tape associated with using those subsidies.

I would recommend searching here on BP for an agent in the area you're looking to invest in.

I would set it just slightly below market to attract people who are just starting their search; and I would hold out for the right tenant.  

Just a bilateral agreement that specifies:The giver of the option, or optionorThe receiver of the option, or optioneeThe purchase priceThe term (start date and end date) that the agreement will be in effectThe consideration (typically a dollar amount) paid by the optionee to secure the right to buyPLUS whatever else your attorney thinks is necessary.Make the document recordable by your county clerk, get it signed (and possibly notarized), and then have it recorded on public record.The intent is to ensure that if he tries to sell to anyone else, a title search will find this agreement and trigger a title defect.

How do you guys search or research the principal?

I do think searching for someone in your local real would be the best and quickest way to save this deal!

Have a big reserve on hand for tenant improvements when current retail tenants blow out.

I've been searching foreclosure sights and saw what looked like a really well maintained property with new roof.

You can search here for info. 

While searching for other podcasts, I found BP.