Aiming for the traveling medical professional demographic.

And like always this is a relatively simple exercise for your tax professional.  

sounds like you have it right...side note, IRS liens only have priority for a set period of time, after-which, if they do not exercise their rights, they must abandon the property.

You can exercise your option, assign it if your agreement allows you to do so, or let the option expire and walk away from the deal.

Questions like this are the blocking-and-tackling of real estate investing, and going through these exercises for yourself will help you begin to get a sense for your market--rental rates, sales price metrics, etc.  

Usually it's just a note from their Dr or other medical professional stating their need.

I will get it fixed ASAP as someone can sue you that they need to have a/c on for medical reason.

But at the time the option is exercised, the loan would need to be paid off unless you're trying to also do a sub2, with the inherent due on sale clause.

Hi BP,So I came into possession of 2 medical offices, about 1150 sqft each.  

The ability to exercise the option belongs to the tenants, so it is outside of your control.