Lease to be executed?

We were able to execute the plan by performing renovations on over 21% of the units, push rents to market rates, perform cost cutting measures, etc... to increase the value and go full cycle selling the property this year for a nice profit in just 15 months (The market timing helped). 

You'll have your hands full with the home and the work needed right now and if you have an Option to Purchase the lots then you could pull that lever if needed when needed instead of jumping the gun and obligating yourself to more work than you know that you WANT to do at this point.If you had a definite plan for the lots I'd have a different answer here, but in light of the lots being an open-ended possibility I'd lock them up with an Option and execute if/when needed.

Work on your finances, come up with a plan, and execute on it.

My plans are to live in one unit, rent one unit as a furnished executive apt @ $2500/month and rent the 3rd unit through Airbnb @ $3500/month.

@Jason Nguyen STR’s have been very successful for many just like any other investing strategy but getting your plan down and executing properly is the most important.

Then you're having faith that in 3 or less years this tenant is going to repair their credit/financial situation enough to qualify for bank financing once the option is ready to execute.

They are responsible for finding the deals, doing the due diligence, setting up the financing, raising the capital, creating and executing the business plan, dealing with the operational challenges that come up 24 hours a day, managing the cash flow, and ultimately distributing the profits to all of the partners throughout the hold period.Good General Partners have been involved in the business for years, and they have perfected their business procedures to make sure the business plan is executed as effectively as possible.

Can I execute the lease with the dba, "Sunshine Properties", as the Lessor/Landlord in the lease agreement without it compromising the validity of the lease or causing any problems down the line? 

If it is only profitable by relying on more of your assets, then it isn't really profitable at all.Also, note the difference between the analysis and the execution in this case.