You're young, you do things yourself...repairs, maintenance, lawn care, snow removal...kinda because physically, you can, and financially, because of the mortgage payment, you can't afford to have it done.You're old, mortgages are gone, but physically, and maybe, mentally, you just can't/don't feel like, doing it anymore.In a way, it's good, it keeps you in the game, or you'd burn out, either physically and/or mentally.I bring this up because we've just had our first snow, and instead of getting in my truck to go and do snow removal at my buildings, I'm on my third cup of coffee, browsing the internet with the knowledge that my snow is taken care of by a hired service.Feels good.Maybe I could winter in Florida...

Also just because it was ok for the last 8 years, if they recently voted and that was part of the vote...well you had your chance at that point, whether you exercised it or not is irrelevant. 

Ideally, we would like to avoid needing to go in physically to each bank to save time in the process.3) Credit Impact - I read somewhere that applying many different places for financing, then not using them can impact your credit score.

Yes, it is a bit more of a hassle to have to physically show up, but for me, I feel I will be 10x more successful if I negotiate in-person.

The tenant may be a bad apple (rotten to the core) or may have just dropped off from a different kind of tree and is exercising some free spirit on a loose rein!

@Daniel Lipetzky@Matt Reed knows lease options and rehabs.Warning - Just because you CAN buy it on sub2 does not mean you SHOULD.You deal is too skinny for sub2.PITI vs Rent is less than 200.You may think you have 20K in equity but the costs to sell are 10% of 130K = 13K with commissions, closing costs, sellers concessions, etc.Look at a lease option assignment $850 rent - $130K option exercise price and flip it for $5000 in 10 hours.

I get paid when I sell the option (make sure it is a separate document).I get paid monthly (cash flow) from the rental payment.I get paid when the buyer exercises the option.  

There are all kinds of scientific (i.e. physics) reasons why this occurs. 

If you know for certain the property, or at least the physical house, would not see water during a 100 year storm, you could have a survey done as part of the inspection to confirm the elevations throughout the property.  

If you're the "ready, fire, aim" type then it's good you've exercised caution thus far.