One of my businesses is real estate; long story short, I have given some of my tenants options to buy their houses for five years. The price escalates 4% plus the rate of inflation, plus any repair costs. In the past month two have exercised their options to buy; one guy is buying his house for about 100K less than Zillow and the other is going to get it for 150K less than Zillow. It stings, but I don't carry them on my balance sheet for more than their buy option.
I bought the first house in 2019 for $272K and the second one in 2018 for $245K. The first guy has paid 60K in rent; the second one 68K. first house will sell for $318K and worth $439K on Zillow. Second house will sell for $312K and is worth $444k. I will still make money on both, but certainly would have done better without the option. On the other hand, since the OTB means tenants have skin in the game, they take much better care of the property.
After these two sales I will have 13 left but only one outstanding buy option. Sometimes you win, sometimes you lose.