By fixing the strike price, you have given the option holder an ceiling on the price of the property and made it a little easier for them to plan and save.When the holder exercises the option, it is just like purchasing any property - they have their 5-20% down payment; they've cleaned up their credit and have pre-qualified for the mortgage.  

The $900 covers cleaning cost and compensates us for the hassle and we get a tenant who will be in there and will be happy and will be able to pay.I suggest you get him out as quickly as possible to avoid non-payment (technically if he doesn't pay it will take a while to evict anyway and you'll spend a lot of money). 

, cleaning between vacancies ($200+/unit?)

It will need approximately $25,000 in rehab to include electrical, updated bath and kitchen, new light fixtures, new flooring, and finish second bedroom. 

Electric?

There was a couple dumpsters of clean wood and siding that was recycled and all of the concrete was definitely separated and recycled separately.

Nice clean building in a nice clean area.

Tenants pay water/sewer/electric/heat. 

I have already turned on the electric and water.

Michael, If the lots can be re-zoned, who is your customer and are they willing to pay 10-20K for a lot will  lots with no sewer, water, electrical hook up?