New - kind of - In FL

[Greg B---]

HI,
I am a re-entering investor in FL. I owned a multi family property in TN that I sold 7 years ago before I moved to FL. I currently own a 2nd/guest house along with my primary res. I am looking to purchase SFR REO properties to rehab (if needed) and then do lease options on rather than flat out rentals. I prefer the lease option route for a number of reasons but mostly to try to avoid the normal turnover you get with regular tenants. My plan is for 3 year lease options with a rental credit as part of their monthly rent. I have an reo realtor and have been out looking at properties, actually looked at about a dozen today. I am in a position to make no contingency cash offers to the bank so I can get the best deal, and then refinance after any needed rehab is done. I know getting any cash out above my initial investment and documented improvements on an unseasoned non owner occ prop is a chore right now (and I don't need the cash above that, but will want it when I can get it) but I know there are routes for it with solid credit (which I have) and good reserves (again which I have). Showing income is an issue, so I know that adds to the chore of getting the refi's, but since my plan is to be very selective on the properties, making sure my ltv's are low (70 max) with current immediate neighborhood comps, I know there are some lenders still doing these both regular and private, but realize that can and does change quickly. I am hoping to meet some people here that can give some advice on properties, rehabbing, pitfalls to be careful of with lease options, and finding financing. Thanks.