Investing out of state has it's challenges.First, getting your investors to go with you (not physically but financially) was a real challenge at first.

It took us a couple hours and was a great exercise.

FYI - It is also extremely unlikely ( I have never heard of it) that a toilet can leak via a crack in the porcelain and not put water on the floor so you would know if the porcelain is physically cracked.

When I notified the seller of my intent to exercise my option last month they refused to sign and I had to sue the Seller for specific performance.

Some areas it makes sense to buy houses that needs work and other time short sales are just as cheap for no physical labor just paperwork!

A sale contract allowing a buyer to exercise the right to purchase or avoid the obligation is not an option You can have contingencies in a sale contract.If it's not an option there can't be an option price!

This is also a valuable exercise for those that say "no" as you may be able to overcome those objectives as you are negotiating the deal.  

If it is a physical address, and not just a mailing address, verify if he is actually at that location.

Bryan, best advice I can give you is to read to docs very carefully and therein you'll find how nervous they really are (LOL) ....okay,Lending and borrowing under open lines of credit is really an exercise in phycology almost as much in finance and banking.I assume were talking 1M+ as you didn't indicate the stress level.

Those who are strong enough candidates to have choices will exercise them.