I promise you even if it is after 2 hours and they like the offer they will be calling you for an extension.

@Jose CastilloHere are some pointers about Lease Option Assignments.The house - good neighborhood, good schools, good fixed financing (not ARMS), good condition, 4 Bedrooms +.The Seller - wants to make more money with lease to own than selling with an agent, willing to wait for TBer to get financing, willing to be a landlord for 1 - 3 years.The TBer - really wants home ownership, wants to stop renting, wants a great neighborhood, willing to get credit better, willing to pay down debt (DTI), wiiling to be in a lease to own program for 1 - 3 years.The lease - 12 months with possible extensions, market rent.The option - today's comps for sales price, 12 month term. 

Is there any way to find out the extension of the damage without having water on?

The people who already have deep and extensive connections snap up anything like that before you even know it exists.  

I should be easily identifiable by my long hair and my Death Star T-Shirt(Forgot I had a meetup today when I got dressed).

One lender told me up front that their extension process was easy; apparently, that meant raising my interest rate to 15% AND charging me 1.5 pts every 2 months. 

The first step for the capital source will be to decide if your strategy has a greater potential for being a winner rather than a loser and then they'll do extensive due diligence to prove out the strategy and your ability to execute. 

then they will do an extensive background search on your experience and if you can actually rehab the property.  

The rental house we got under contract was from me doing extensive networking.

Overall I think it's great company to start due to their extensive training.