Review their management agreement.

My question is can I use my own standard lease form modified to reflect the major elements of the existing lease (assuming that the tenant is in agreement) or would I be better advised to keep the exact wording of the existing lease and just change the relevant names and dates?

Negotiated through the dual agency agreement with the agent I was using.

Just be clear to your renters upfront and in the lease agreement. 

Nothing I saw in the management agreement or lease about the order in which the SD is applied in the event of eviction.

Now there are some things to consider with a lease option:1- generally will require an initial 1 year lease2-generally requires a non-refundable fee for the "option agreement".

Hopefully buyer doesn't have some purchase agreement with you where they can penalize or sue you.

Normally, you would need to give them the minimum notice as stated by the lease agreement they signed.

I'm in the process of identifying my offer to private lenders, so my question has 2 parts, 1) Do you think my offer is enticing for passive investors, and 2) What type of clause should be in the agreement if the refinance doesn't fully recoup the initial investment?

If you're helping someone find an end buyer for a contract, then you could sign a JV agreement with them.