As I understand it, flips and lease/options are strategies mostly for smaller properties than the one you describe.

@Matthew CottrillI understand with the desire to bank locally but why must they hold the loan?    

Banks understand that all real estate is local. 

Unverifiable income will not be considered.Applicants must receive positive references from all previous landlords for the previous 5 years.Applicant may not have any evictions or unpaid judgments from previous landlords.Applicant must exhibit a responsible financial life.

My understanding is that all reviews stay with the owners profile.  

I understand the basics up until after the refinance.

Spend a few weeks here listening to podcasts and reading articles to understand how this all works then jump into it.

I do similar for some commercial deals.It's my understanding that as long as I'm not saying "here's a deal, jump on board," I'm ok.

The key is doing your research and understanding the customer/clientele before committing to a market.

I understand the need for patience and future opportunities as I've learned through the stock market however we've come across a few great deals that would have cash flowed nicely but I was hesitant to pull the trigger on due to the hot market we live in and where I think it's headed.