chris why not just jump into while you are working full time.. and when the time comes that you can afford to retire on the rental/rehab/flipping business you can just go ahead and do that?

You can usually terminate that with 30 day notice, though this varies from place to place.

They countered the next day at 18K, I countered at 15K. 2 days later they sent over their own contract and noticed I had to pay for all closing cost and I could not sell the home for more then 18K within 3 months.

Noticed your location was Tx.

How much notice do I have to give 30 or 40 or 60 days?

Now I did notice that those 2 have recently done updates with in the past few years....

So I was thinking that I should call up the tenant, and ask them if they would be willing to go ahead and accept the first option at least (for 5 years more) in return for a somewhat lowered rent than fair market value would likely be in two years.

Luckily my tenants had enough sense to say, "I don't pay my rent to you, I don't know you, your not my manager, and if you do own the place, you didn't give me 24 hours notice."

Over the last 4 months I noticed a something very interesting here.

Well one of the things I noticed about that chat is that you can't effectively idle in there.