First, why are you contracting multiple properties under one agreement?
2nd, don't do it. Your handcuffing yourself
3rd, your description doesn't sound anything like a lease option. All you said were monthly payments attributed to each contract, and referred to them as "lease payments". Where's the option (s)?
4th, I'm not sure where to begin here since, as I stated in #3, your description doesn't have anything to do with a L/O.
5th, each property needs to be a separate agreement, and each agreement should actually be 2 separate agreements...the lease agreement and the Option agreement.
6th, there's no mention of any Option Consideration...or option price for that matter.
7th, a 15 year agreement? Why 15 years?
@Braheim Wilson - are all 5 properties through one individual? 15 years on a lease option seems long, but as long as your monthly payment is dramatically chipping away at the owed principal, might not be a bad way to start with no-low money down.
This is a terrible agreement. 15 years?...never.
Basic Rules for L/O:
1 - One property per contract
2 - 2 contracts for each property (lease, option). NEVER put both in the same agreement.
3 - NEVER give credits from lease towards the purchase. There is a much better...cleaner, way of accomplishing the same thing.
4 - Always allow for the option to sub-lease in the lease agreement. Mainly, make sure there isn't a clause that states you can't do it.
I teach this strategy. It's one of my favorites. If you do a "sandwich lease/option" it involves very little money out of pocket (for a very short period), and a hole lot of profit from multiple streams. This is my favorite way for "newbies" with very little time, money and knowledge to get started. I've been doing this for a long time, and I still think it's one of my favorites.