So you own 100 shares of a specific stock and then you write an option hoping that the option buyer fails? Am I correct in that assessment?

Or I don't own any stock but have the cash to write cash-backed puts, if assigned, write covered calls on the shares until shares are taken away...rinse repeat

So you're buying the pit not selling the put?

I'm selling the put, but with enough money that if assigned shares I can have enough to buy them, then I sell calls.