Jeffrey, Operating expenses include taxes, insurance, management (even if you do it yourself), maintenance, advertising, office supplies, legal fees, evictions, damage done by tenants in excess of the security deposit, entity maintenance, utilities (if only during vacancies), vacancies, capital expenses (not technically an operating expense), etc, etc, etc.

I know that there are certain things that I cant say when advertising. Whether for buyers or sellers. Beyond the obvious non-discriminatory words and phrases what else is prohibited? I was considering posting this ad...

At that point you are splitting legal hairs.

There is very little legally that can be done to prevent this, in our state.

My main concern is the legality of the purchase option agreements.

Are their restrictions?

I'd suggest Bronchick's course on wholesaling instead. he gets into legal questions that you need to know.

A rate/term refinance of an existing lien (unless that lien was a for a cash out refinance) will not have a seasoning restriction.

Yes, the expense numbers are bogus - no maintenance, no management, no legal expenses, extremely low vacancy rate, etc, etc, etc.

Canadian guy here (Toronto area) wondering if this business is legal in Canada.