Additionally, contract assignment has been a legal action for hundreds of years, how does Someone sign their name on a contract (which obviously ties up the seller), then realize they don’t want to go through with exercising that contract, then find someone to put in their place on the contract to assign it to them, and do it legally?

This is the exact way I have operated all of my rentals since the early 1990s with great success.The only remaining considerations are what deferred maintenance and repairs exist and need attention and what enhancements are you planning.

As an exercise, do some research into similar properties in the area and confirm whether you think his estimation of value is accurate or not.

If they can't do that then I have an early termination clause in my lease they can exercise and get out now.They need to pay rent according to the lease or face the legal consequences (eviction).

has exercised any bankruptcy rights?

(Whichever length of time we agree upon.)If I exercise the option, I will purchase the property for $250,000, $257,500, or $265,000.

Yes, you can accelerate your portfolio and enhance it by adding a multi-family, you can take it to the next level by even consider living in one half and renting the other "house-hacking," if you are an owner occupant you can even use a 203k loan and acquire the home using 3.5% down and finance the entire renovation, as long as you stay within market value, this lets you enter the marketplace with very little down and use the banks money to renovate it.

Our focus is on value-add (renovation, amenity enhancement) in transit-oriented locations in selected geographic areas with potential for rental growth through area amenities & job opportunities just to name a few attributes.

If you go that route make sure you separate the lease from the option and charge close to market rents or the court could claim that the option payment and/or the above-market rent gives the tenant equitable interest prior to exercising the option.

Welcome to BP Community @Sharnell James ; a great place to enhance your REI knowledge.