After doing these exercises you can come up with the perfect number to offer on a house based on your investment criteria.  

My crystal ball is always cloudy, but here is my prediction anyway...By mid-year COVID fears will start to subside and day to day life will start to get back to normal.  

Congrats on getting the ball rolling on your Real Estate career!

They would typically have 2-3 years max to exercise the option and build if all due diligence was suitable. 

Congratulations on getting that license and getting the REI ball rolling. 

@John Underwood I put together a business plan already, what else is needed to get the ball rolling

Crystal ball isn't working today.Why do you want this property badly enough to pay over list price for it?

Unless there is something in the option to purchase agreement stating otherwise, you can exercise that option at any time during the option period.

Here is my math on such deals from my learnings :Loan - 65k ->  monthly mortgage -30 yrs (appx $310 @4%) + Insurance & Property tax add appx $200/ month = $510+8-10% property management fee if you plan to give to PM = - appx $1005% maintenance  - $600/ yr  (appx $50/month)I would add 5% Misc - $600/yr (vacancy or any pending utilities , civil fines) (appx $50/month)  1000 - 710  = $290 +cash flow   =  income of ($3,480) / yrbut here is the curve ball - lease expired and make the unit rent ready for next tenant you will be spending $2 -$3 / sqft (if you have 1000 sqft unit - $3000 ) so you are left with $480/yr on this unit.its upto "your skills on where you can tweak the margins" and make it profitable - forecast vs actuals are always way off .Hope this perspective helpsHappy Investing!!!!

Don't allow goof-balls to steal from your time and energy.