Any specific language that I can include in the new lease?

Depending on the language in your lease, you can start the condition report and marketing as soon as the tenant gives notice to vacate. 

Avoid using that language that is impossible to measure- such as you will hustle more anyone else, or that you will work harder than anyone else.

.- Don't get all wrapped up in the LLC language, I was trying to read and understand all that lawyer talk and my head started to spin.

The commitment letter had the following language;Transfers/Assumability: Subject to Lender’s then-current underwriting requirements and compliance with the other requirements of the loan documents, the Loan is assumable by a qualified transferee of the Property for a fee of 1.00000%of the unpaid principal balance of the Loan at the time of such a transfer (a “Consented Transfer”).My question relates to the terms of the loan and savings to the buyer.

@Edison Nunez, Your using the right language. 

Option - In legal language, a real estate option is an agreement that grants the party owning the option, the optionee, the exclusive, unrestricted, and irrevocable right to purchase property from the party selling the option, the optionor, during the specified period of time that the option is in effect.I'm wondering if it is possible to control a house using an option to purchase in order to renovate the property (fix and flip) without actually buying the assett with a HML. 

You can find a lot of helpful stuff other members have provided for you.I just modified it (as many others have) for my personal preferences.Hope this helps.I just downloaded the spreadsheet but it's a foreign language to me.

You want language on the contract preventing the seller from mortgaging the property, language allowing you to actually use the property while it is under land contract.  

Hi Randy - Based on the language, I wonder if this is new construction.