It will probably bring in $160,000 this year.

But too many times on this forum contractors are represented as rip offs .

If you're familiar with stock options, this is exactly how call options work, although they only go out a max of maybe 27 months or so.My questions are a bit numerous, but I've ordered them roughly in order of importance for me: -Is this legal?

Tack onto this, legal fees, preservation, taxes paid, etc and you'll likely be over 600K total judgement.   

Finally, arrange for a formal closing and record the documents with the county to make everything official. 

Any insight on this subject would be greatly appreciated.

Is this correct?

This just shows you what lower class properties can bring to the table.

This includes notification or requests for repairs.

He's still out there promoting...just not this as he's on to other things....hopefully not another scam.