To exercise the Early Termination Option.

The option fee becomes income in the year they don't exercise their option and either become straight tenants or move out.

What surprised me wasn’t the rankings themselves, but how often the exercise surfaced where my gut feeling disagreed with the data — and forced me to explain why.At least for me, that’s been more valuable than chasing a single “top market” list.I’m curious how others here think about this:Do you start with a preferred strategy and narrow markets from there?

If you do not exercise your right of first refusal, then someone else might be the next year's lien.

If Amy bought in person, at the county, she will need to contact the county during a window that is 30 days to 5 days before the 2026 auction and tell them she wants to buy the 2025 lien coming up for sale in the 2026 auction.Amy decides not to exercise her right of first refusal, or misses the deadline, or something.Mark’s 2025 lien goes through the 2026 auction and Sally buys it at 10% interest on a $1,000 tax lien.On that date, if Mark redeemed from Amy’s 2024 lien, he would owe Amy $1,000 plus one year of interest at 6%, or $1,060.That $1,060 will be added to the $1,000 Sally owes for buying the 2025 lien.

Even though the tenant has an option to purchase, you still hold title and carry the risk until that option is exercised.

Banks find it sometimes in their best interest to not exercise their rights.

You are collecting a cash flow stream from an investment grade tenant but the property itself for land and building is almost worthless when it goes dark if they do not renew the option periods.If the DG is NN lease the tenant will limp along repairs and then go with new developer for new building rather than exercising option and having to pay all that capex coming due.

It also is indicative of no processes and it counts processes as not supported by data as no process.I find value in the exercise.  

This isn’t a rushed upgrade or a box-checking exercise.