I'm glad I went through this exercise, it taught me a lot very fast. 

Not sure if they would exercise that right but they can.Brian

If I was house hacking I would not need to put 25% down and I would be able to get a better rate but for this exercise I will use my numbers mostly because I have already worked out my numbers (it is easier for me because I have the real calculations that I have already performed). 

Not one time has the existence of my license even entered into the conversation except that I disclose it in my PPMs (which, by the way, does nothing but enhance my credibility).Off-topic, but since it was mentioned several times above, I don't take commissions on my multifamily acquisitions. 

Don’t buy someone else’s problems, exercise caution.

You will need to negotiate how much of the lease payment goes towards the purchase price when you decide to exercise the option.

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. 

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. 

Better to think of this as a snowballing exercise.  

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