For some reason property values and quality of tenants seem to be tied in large part to good schools.

That is what give honest wholesalers a bad name yes gives the seller 10 bucks tie up the home for 30 or 60 days and put a ton of weasel clause, and if you cannot find a buy just screw the seller and move on to the next deal.

Often, I wish I could convert the entire PM into a thread for the benefit of all (perhaps a future programming function for @Joshua Dorkin )With that said, I really encourage all members, both new to BP, new to investing, I seasoned vets to ask their questions in the forums so not only one person can answer, but many providing better feedback with many points of views on questions where they consist of opinions and experience rather than simple facts.Clearly there are cases where the question is much more of a personal and private issue and not as appropriate fir public forum view, therefore, these types of questions should remain in a private PM ore email.I still encourage those to PM me, but I do suggest to all that they use the forums as often as possible as you will certainly get much more out if it!

One essential element is that you need to figure out what is going on and make sure you get a non-refundable deposit if/so when they bail, or you have to evict them, you are covered.You still need to figure out why they aren't getting a mortgage and whether, given those circumstances, the lease option is still an acceptable risk for you.Finally, if you are fixing and flipping houses, the opportunity cost of having your money tied up in this house essentially for ever is very high.  

I know its not in ohio so if you came to me to wholesale i would advise you to buy the property and then sell it tying up your own cash for a little while but still making money on the back end. 

That will remain your responsibility...

Having net worth ties up in equity in a relatively illiquid investment may do you no good when you  need it. 

I will say that in most instances it makes more sense (unless you really want to get rid of one tenant or the remaining tenant absolutely refuses to extend the lease with vacating tenant's name still on it) to simply extend the lease, because you have two (or more) people to go after which increases your chances of recovering your money.  

After talking with Joe a bit, it became clear that he had NO experience, just came off of a Guru course and was out trying to make things happen...which I really admire.Along with no experience, Joe also has no money and has not tied up the deal.

We are not full time investors, so by having this money tied up in a less-than-great deal isn't really preventing us from buying other properties or the like So, if you were me what would you recommend?