Clearly, I have very strong reasons to pursue this change, but for the same reasons I must exercise the utmost prudence (without compromising the call to take some risk).

You lease the property for two years, create bank ready financials and then exercise your purchase option with a sales price of $800k. 

It sounds like you still ended up with a good deal, and you signed knowingly.Let's do a thought exercise: pretend you haven't signed and the deal is before you.

I'm now learning how nasty the dry cleaningbusiness can be.As part of the soil samples, they took 1 soil boring on thesubject property.

Real estate will require more of your time from a management standpoint but it can possibly accelerate your wealth building through the use of leverage.Pick up a copy of The Millionaire Mind by Thomas Stanley if you haven't read it already - he talks about the wealth building aspects of a sample of decamillionaires and most didn't build their fortune through publicly traded stocks but rather through their own companies (including real estate).Best wishes!

looks good. thanks for posting a sample contract.

People purchase options on property all the time and then turn around and wholesale the property and do a double close by exercising the option and closing on the wholesale on the same day.Now how are you asking about using an option in a transaction.

lolThat and exercising I do not have a phone.

SAMPLE COMPS$37,000 @ 10% for 30yrs monthly PITI = $375 and my gross rent is only $250I saved that $36,000 for 3years. 

Not an impressive return IMO.Lastly, a good exercise to me with something like this, is ask yourself if would you buy this property as an outright investment if you found it for sale in the market versus had inheriting it.