OR buy in an area where the competition is smaller to enhance a quicker sale.

Better to think of this as a snowballing exercise.  

The option should be written so the option provides the buyer, or s/he's assigns, the irrevocable right to exercise s/he's purchase option as per terms negotiated in the option.The option to purchase is atypically negotiated with a fixed price, or a price escalating over time, or a price tied to the market e.g. appraised value x Y% (+/- 90-100%).Oh, and if you're the broker in the deal make sure the broker(s) and sale commission are exclusively identified in the option paragraph. 

Heather, maybe have one of your real estate attorney buddies draw up a lease that allows you to exercise the option whenever you like...point being to lock in the price and keep the terms flexible in your favor.

If they don't exercise their option or you don't come to terms with them, the value of the property will decrease dramatically in year 6 - 7.

Every escrow and property is different, but as long as the contingency is exercised in good faith, it is up to the buyer's discretion and approval for the most part. 

There are some great deals on the northeast side, but in general, areas like Converse and for the most part, east of I-35 are starting to experience higher crime rates, which means that caution should be exercised. 

It blows my mind how many "features" are lacking in Buildium, and how long it takes to roll out "enhancements" (their roll out cycle is like 3-5 years). 

A successful investor exercises discipline and doesn't acquire when conditions are unsupportive. 

The difference between an okay cash flow versus great cash flow on my first 1 or 2 properties has a domino effect on the true compounding of interest in the larger plan over 10 years, so I have to exercise considerable restraint.