This notice will basically say, pay what you owe in "x" amount of days or face possible eviction.

I have access to the state and local contracts and addenda  but there is nothing that says assignment of contract or does it require just a basic addendum?  

The key is keep pushing forward while avoiding basic mistakes.Use your fear to your advantage. 

He can basically fix anything and since he’s already on another job it’s nothing to run him over somewhere and only throw him like $20 for this or that.

My slice of advice would be to education yourself to get the basics down, listen to the podcasts, read countless books and keep educating yourself as you begin to actually invest. 

We had to know the basic concepts and lingo.

Or I could make it for what I believe is lot value, in which case, who cares what the repairs are (other than the fact I plan to do basic repairs for rental usage until the property appreciates for new build).  

If not, you are basically comingling the personal asset(Its your loan, not LLCs) with the LLC's asset and that defeats the purpose of having the LLC. 

Could you explain to me the basics of lease options and their benefits?

I did speak with our attorney before hand and he basically said he’d be happy to do it for a fee, but he also advised me to go to the state website and fill out the form and pay $50 rather than pay him $1500 for the same result.