Gary, PF is right, except that if you record the option, you will pay 'back appraisal to the date' of option. However, not recording and just showing sale at time it is exercised w/o sped-sht of pmts....will-not!

If you sell completely, you can reinvest in other options that arise in the near future on the spur of the moment.
If you don't need the $$$, go for the option.

Options make money for the seller on a monthly basis and the payments are increased to reflect same to compensate for the stable price given at onset.
If the buyer defaults, you still own the RE and can start over with a new price at a new time and keep the option $$$.
If the buyer does not make his date to exercise, you can renegotiate the sale price, pmts monthly, option $ and add'l dn payment to continue the option to purchase.
If the buyer is in business in the RE then you have them by the gonads and can do a great MONTY HALL.

If you're in it for the money, choose the easiest route for you to travel.

these should be short term options also, but can have 3,5,7yrs with other increases in the double option.
and don't forget the triple net!