Unchartered waters for me.

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I've done more than my share of "chunkers" or rehab/flip properties. which I like.... Looking at taking a profitable hobby to more of a wealth creation / full time endeavor.

I've got little to no experience with the lease option/RTO pretty houses in nice neighborhoods or the landlord business in general. So I thought I'd throw out a couple of deals I'm considering for feedback.

1). Nice/clean house in desireable middle class suburb. Flat market, with lots of inventory available. This is a 3/2/2 1800+sf well kept home in subdivision. comps out at $230K resale, pre-forclusure situation with mortg bal of $201K, with 3+ months in arrears (approx $5K). Monthly PITI payment is approx $1500.

I'd like to help the owners (middle 20's couple in process of divorce). They have already had it under contract for $215K but it fell through.

I see my options as finding a RTO tenant buyer and making a $100+ in monthly cash flow with a $30K+ payday when they close. (Downside is limited buyers with $5K down payment)

Or potential short sale candidate.......

2). Historic revitalization part of town that exploded approx 5-10 years ago. Somewhat of a bubble burst recently. These are large, 2-story historic homes that ARV is approximately $250-$300K but lots of inventory on the market & lots of rehab candidates still vacant.

I have access to a coouple of quad plexes. Each should generate approx $24K (using HUD-8) in gross rent annually after rehabbed. They will need $80-100K in repairs. My thoughts are to buy for $25-35K cash and use a hard $ lender for the rehab, then refi & cash-flow.

I just have never really been in the lease-option-RTO or landlord business, so I'm cautious of the unknown. The RTO seems to be more desirable, HUD-8 sounds very undesirable.... but I really am just making an educated guess. I dont want to take the fun out of RE investing, but I dont want to sontinue the corproate rat-race another 5+ years either.

Thoughts? Thanks in advance.