EXHIBIT 10.2

                                OPTION AGREEMENT


     This  Option  Agreement  is  entered into effective this 31st day of March,
2002, between Greater Houston Gulf Partnership Ltd., a Texas limited partnership
("Grantor")  and  James  Emerson  and Schuyler Pulford (collectively, "Grantee")

     WHEREAS,  Grantor is the owner of seventy-three units in Capistrano Villas,
an  addition to Harris County, Texas, more particularly described on Exhibit "A"
attached  hereto  and  made  a  part  hereof for all purposes (the "Unencumbered
Property")  and  four  units in Capistrano Villas more particularly described on
Exhibit  A-1  attached  hereto  and  made  a  part  hereof for all purposes (the
"Encumbered  Property")  (the  Unencumbered Property and the Encumbered Property
being  sometimes  hereinafter  referred  to  as  the  "Property");  and

     WHEREAS,  Grantor is indebted to James Emerson as evidenced by that certain
promissory  note  dated  October  19,  1999  in the original principal amount of
$150,000,  with  a  current  balance  of  $660,942.24 as of March 31, 2002, less
deficit  capital  account  recovery  (the  "Note");  and

     WHEREAS,  Grantee  has agreed to transfer their respective interests in and
to limited partnership and Greater Houston Gulf G. P., Inc., the general partner
of  the  limited  partnership  to  Rampart  Properties  L.L.C.;  and

     WHEREAS,  Grantee  has  requested Grantor grant them an exclusive option to
purchase  the  Property  for  a  period  of  ninety  days;  and

     WHEREAS,  Grantor  has agreed to grant such option subject to the following
terms  and  conditions:

     NOW,  THEREFORE  KNOW  ALL  MEN  BY  THESE  PRESENTS:

     1.   That  for and in consideration of the forgiveness of the Note by James
          Emerson and the transfer of the limited partnership interests of James
          Emerson  and  Schuyler  Pulford  and  the shares of Grantee in Greater
          Houston  Gulf  Partners  G.P., Inc. as set forth above, Grantor hereby
          grants  unto  Grantee  an exclusive option for a period of ninety (90)
          days from the date hereof to purchase the Property for a cash purchase
          price  as  set  forth  on  Exhibit "B" attached hereto and made a part
          hereof  for  all  purposes.

     2.   James Emerson agrees to deliver the Note marked "Cancelled" to Grantor
          simultaneously  with  the  execution  of  this  Option  Agreement.

     3.   Grantor  agrees that it will not market the Property during the Option
          period.


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     4.   Grantor  agrees  that  in the event Grantee exercises his option under
          this  Option  Agreement,  it  will convey the Unencumbered Property by
          Special  Warranty  Deed,  free  and  clear of all deed of trust liens,
          subject  to  any other matters of record in Harris County, Texas which
          affect the property, to Grantee or Grantee's designee, and will convey
          all  of  its right, title and interest including, without limitations,
          all  rights  to any claims of redemption in the Encumbered Property by
          Special  Warranty  Deed  subject  to those matters of record in Harris
          County,  Texas,  which  affect  the  property  to Grantee or Grantee's
          designee.

     5.   Grantor  and  Grantee  agree  that  this  Option  Agreement may not be
          assigned.

     6.   Grantee hereby releases and forever discharges Grantor, its respective
          shareholders,  directors,  officers,  employees,  contractors, agents,
          attorneys,  successors,  and  assigns (the "Grantor Parties") from any
          and  all  claims,  demands, rights and causes of action for damages or
          any  other  relief of any nature whatsoever, whether known or unknown,
          either  at  law or in equity, which Grantee has, or claims to have, or
          ever  had,  or  ever  claims  to have had, against the Grantor parties
          which  claims  lie  in  tort  or contract or otherwise, in whole or in
          part,  arising out of or in any way connected with the act or omission
          of the Grantor Parties with respect to Grantee, their respective heirs
          or  assigns.

     7.   Upon  Grantee  exercising  the  option  granted herein, Grantor hereby
          releases  and  forever  discharges  Grantee,  their  respective heirs,
          employees, contractors, agents, attorneys, successors and assigns (the
          Grantee  parties")  from  any  and  all  known  and  disclosed claims,
          demands,  rights  and causes of action for damages or any other relief
          of  any  nature  whatsoever,  either  at law or in equity, against the
          Grantee  Parties which claims lie in tort or contract or otherwise, in
          whole  or in part, arising out of or in any way connected with the act
          or  omission  of  the  Grantee Parties with respect to Grantor, or any
          entity  affiliated  with  or  related  to  Grantor.

     8.   Grantor  and Grantee agree that in the event Grantee has not exercised
          its  right  to  purchase  under this Agreement within ninety (90) days
          from the date hereof, this Agreement shall automatically terminate and
          become  void  without  any  further  requirements.

     9.   Grantee  agrees  not  to record this Option Agreement; however Grantor
          agrees,  upon  written  request from Grantee to record a Memorandum of
          Option  Agreement.

     Rampart  Properties  L.L.C. joins in the execution of this Option Agreement
to  evidence  its  agreement  not  to  transfer  the  Property  or  cause  to be
transferred  by  reason of default  or otherwise, during the term of this Option
Agreement.


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     EACH  PARTY  HERETO AGREES THAT THIS OPTION AGREEMENT IS THE ONLY AGREEMENT
BETWEEN  THE  PARTIES RELATING TO THE SUBJECT MATTER HEREOF AND THAT THIS OPTION
AGREEMENT  MAY ONLY BE AMENDED OR MODIFIED BY WRITTEN AGREEMENT EXECUTED BY EACH
PARTY.  THERE  ARE  NO  ORAL  AGREEMENTS  BETWEEN  THE  PARTIES.

          EXECUTED this 29th day of March, 2002, to be effective as of March 31,
2002.


                                        GRANTOR:

                                        GREATER  HOUSTON  GULF
                                        PARTNERSHIP,  LTD.

                                        By:  Greater  Houston  Gulf
                                             Partnership  G.  P.,  Inc.,  its
                                             General  Partner

                                        By:  /s/  J.  H.  Carpenter
                                                  J.  H.  Carpenter
                                                  President


                                        GRANTEE:

                                        /s/  James  Emerson
                                        James  Emerson

                                        /s/  Schuyler  Pulford
                                        Schuyler  Pulford


                                        CONSENTING  PARTY:

                                        RAMPART  PROPERTIES  L.L.C.

                                        By:  /s/  J.  H.  Carpenter
                                                  J.  H.  Carpenter
                                                  President


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STATE  OF  TEXAS         |
                         |
COUNTY  OF  HARRIS       |

     THIS  INSTRUMENT  WAS  ACKNOWLEDGED  this  3rd day of April, 2002, by J. H.
Carpenter,  President  of  Greater Houston Gulf Partnership G. P., Inc., a Texas
corporation,  General Partner of Greater Houston Gulf Partnership, Ltd., a Texas
limited  partnership,  on  behalf  of  said  limited  partnership.


                              /s/  Eileen N. Fashoro
                              ----------------------------------
                                   Notary  Public  for  the
                                   State  of  Texas


STATE  OF  TEXAS         |
                         |
COUNTY  OF  HARRIS       |

     THIS  INSTRUMENT  WAS  ACKNOWLEDGED  this  3rd day of April, 2002, by J. H.
Carpenter,  President  of  Rampart Properties L.L.C., a Nevada limited liability
company,  on  behalf  of  said  company.


                              /s/  Eileen N. Fashoro
                              ----------------------------------
                                   Notary  Public  for  the
                                   State  of  Texas


STATE  OF  TEXAS         |
                         |
COUNTY  OF  HARRIS       |

     THIS  INSTRUMENT  WAS  ACKNOWLEDGED  this 29th day of March, 2002, by JAMES
EMERSON.

                              /s/  Eileen N. Fashoro
                              ----------------------------------
                                   Notary  Public  for  the
                                   State  of  Texas


STATE  OF  TEXAS         |
                         |
COUNTY  OF  HARRIS       |

     THIS  INSTRUMENT WAS ACKNOWLEDGED this 29th day of March, 2002, by SCHUYLER
PULFORD.

                              /s/  Eileen N. Fashoro
                              ----------------------------------
                                   Notary  Public  for  the
                                   State  of  Texas


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                                   EXHIBIT "B"
                                   -----------


                          "PURCHASE PRICE CALCULATION"



      ESTIMATED AS OF 3/31/02
      -----------------------
Cash                             <$21,000.00>
A/P's Currents                      37,893.00
A/P's Nathan Summers                 2,750.00
      Steve Smith                      400.00
      Erwin Wilbanks                   800.00
      Phyllis Herbst                 3,300.00
      ASAP Communications            6,500.00
      Other Old Payables                 0.00
N/P   Southwest Bank of Texas    1,502,379.00
N/P   Rampart Capital L.L.C.     1,364,344.00
N/P   Rampart Capital L.L.C.       466,073.00
Property Taxes payable             121,000.00
                                -------------

Base Purchase Price             $3,484,439.00

+/- variance to items
listed above as of 3/31/02
or subsequent settlement dates  $ ___________

+$785 per diem from 3/31/02
to closing                      $ ___________

Total Purchase Price            $ ___________


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