(They don't release the funds until you receive your item, and if there is an issue they will refund you your money.)

The Memphis Realtor Association just released its December 2015 market statistics.http://maar.org/assets/1151/sales_stats_december_2015.pdfIt's still a great time to be investing in Memphis!

Get the original debtor's SSN and a "signed" authorization to release information.Provide to lender.

If the tenant/buyer needs an extension, I extend the Option period by a few months but I get them to lease the house month-to-month.

., they generally can't release it without both parties consent, so off to court you go. 

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.