What is the longest period I can do a lease option with a seller in TEXAS ?

I have never believed that I needed to buy as many properties in as short a time period as possible in order to be successful.

Over a 12 month period, using historic and pro forma numbers, does the aggregate cash flow from your assets cover that aggregate liability payment by at least 1.2 times i.e. for every dollar of debt payments annually you have at least $1.20 in incoming cash flow?

I setup quicken rental property manager to download transactions from the bank via online account info on a periodic basis directly into the software so no or very little manual input of transactions is needed (quickbooks does this auto download as well I believe).

The interest rate will be a little higher and for a cash out refinance, they will require a seasoning period usually, probably about a year.

Would waiting some period of time make that safer?

This tenant takes care of the unit she's in now, but she always pays late (sometimes incurring a late fee, sometimes within the 5 day grace period).

They informed us that we were past the inspection period becuase fannie mae starts the countdown when the "verbal" agreement is made, not when the final contract signatures are sent. 

Your option over a period of time can be cause for a lender to exercise the due on sale, as to the end byer paying it off at the end, really no issue, the loan is to be paid off at settlement, the lender won't be involved except in giving a payoff and settlement instructions to accomplish the payoff.

Small local banks in my area do not require a seasoning period.   3) Proof-of-funds: It's best for all involved to a have a pre-approval letter.