@Alex Vargas With a lease option you have the right to exercise your lease anytime so if you qualify for a mortgage in one year you could purchase.

I would be bullish on good housing near the hospital/medical center as those places will drive nurses, techs, etc other solid income tenants.

Nathan G. is spot on about the interest rates.Do a lease option at the agreed upon price and lock the property up and then exercise the option in December to close in January.  

Since I am 60 years old I have more to offer with my age and experience in construction and real estate.I found BP about 19 months ago while I was medically recovering and looking for something that is more flexible because of my physical condition and my jobs of working for others and  doing the 9 to 5 regularity.

Again, look for the ugly building in a good area and, if you are to owner occupy, select the least valuable unit in which to live to maximize your income while improving the overall building.The decision to proceed directly to a building with 2 - 4 units versus another condominium is a mathematical exercise ... if it makes more sense (cents) to skip the condominium, that's what you will do.While your salary may have restricted upward potential, your rental income will top-up your salary and your savings for your next property.  

That should be a pure financial analysis exercise.

Certain medications and diagnosis of certain illnesses could prevent future insurability.

In some PA counties I've noticed the attorney/rep bid the upset price, but then a bidder counters with $100, which is then countered by the attorney/rep for $10,000, and then back and forth, usually below the upset price.What is the purpose of this exercise?  

Are you referring to the Medical Center of Aurora hospital?  

What would be the most important factors playing into the decision process of a franchise restaurant considering using an option to prolong their NN(N) lease of a property?