Give her a 30 day notice to vacate; that you will not be extending for another month after the notice.

Furthermore, if you cannot pull permits, you may not be able to get your draws out of the bank, normally they require permit verification prior to release of funds, if permits are required for the type of work you are planning.

Extending scrutiny to high end real estate bought with cash should not be a surprise to anyone.

I offered cash once the property was released to investors. 

As you noted, call options already have a fairly well established trade... there is no reason that cannot be extended to puts, straddles, etc.  

The closing on this contract has been extended several times because of issues the title company has had receiving payoff information from multiple leinholders on the property.

(Anything a seller can add; owner financing subject to full assumption by your assignee with release of liability, the car in the garage, cash back at settlement, delayed settlement, all the furniture...etc.)

If people are completing a rental application, your rental application should have language indicating their release of information to you.  

@Marcus MaloneyI use an option release 1. act as a principal, lease with option from seller2.

Worst case scenario and the tenant/buyer does not qualify for a mortgage and you need to extend the lease and option period, it becomes a good rental property and the cashflow makes it worth while to hold.2.