@Sebastian Harris Your operating agreement will outline major responsibilities, profit splits, who does what work and who can exercise control. 

If they do not elect the exercise their rights, they will waive them.

It all depends on supply and demand both for the investment type and the underlying use of the property.In general though it's a fairly simple financial exercise. 

He's well-capitalized.What about her getting a heloc or home equity loan and you an option to buy you can exercise when she passes? 

But this has been only a paper exercise this far , having no experience in Apartment or Student housing is making me a bit anxious if it was a right deal. 

Also if you are cash poor and time rich, you can put in sweat equity to enhance your returns.

If you're doing a 'Lease to Own' or a Lease w/ the Option to buy known as a Lease/Option, you're really just a tenant until you exercise or complete the exit process that should laid out in your lease/contract.

The deed would be given to you by the trustee when you exercised the rights and redeemed.As far as the contract with the former owner, I would try contacting the trustee and ask what they would want to see to allow you to redeem the property.

Thanks, I didn't think about the fact that I still want the reserve built up for when I exercise the option.

It is more of an intellectual exercise and less of a art exercise6.