Your background in Georgia and Michigan might provide better chances for cash flow but the weather is nicer here.

I totally agree that a good option agreement would contain all of the terms of the purchase agreement.In California, as you likely know, that would be a formidable task given that the standard lease option agreement is 2 pages long and the standard purchase agreement is 8 pages long.I think we are the same page inasmuch as all the terms of the purchase must be set forth at the outset of the agreements as opposed to leaving it to chance that buyer and seller will agree to all terms at the time of purchase.My concern is why that topic is never broached where lease options are discussed.Again, Bill, thanks for your input, I appreciate it.Steve

I would think there would be a very small chance that they would be interested in selling.

But this way, you're also not being overly pessimistic with your monthly cash flow analysis, which might make it impossible to find a deal that both works on paper and will stand a chance of being accepted in some markets.This is not to say that I wouldn't love to buy properties with strong positive cash flow projections while figuring total maintenance costs at 20% of rent (plus 10% vacancy and 10% prop management), but I just wonder if that's not setting the bar a bit too high in some markets, especially for us noobs who are presumably starting with MLS properties.

I have not found that to be an obstacle and it greatly reduces the chances of me getting myself in a pinch due to failure to disclose at the appropriate time.

I spoke to contractor friend and he said a possible reason it was filled was to limit the chance of an accident while the property was vacant.

There is a chance you could have owned such a thing and not known it.

In many cases they can hurt Your chances of having negative info removed, because improper handling of a dispute in the first place.

A great way to buy, live there, renovate, and sell, but only in 2 year cycles.With only a $25K profit to split, there's a good chance you will take the entire amount as income between the two of you.

@James Wise Thanks for reaching out and sending me some info on your market, I've gotten a chance to look into it and will likely be in touch with some questions.