It’s a great way to learn more while doing other things such as exercising, driving, etc.Get involved with a local REIA groups.

At this point I'll chalk this up to an exercise in "doing the math" rather than going forward with the bidding process at this time.

If your return is not that great, think of it as a learning exercise!

Sure they may handle snow removal, lawn care, etc, but be careful about allowing them to make capital improvements to the property as they may be able to claim an equity interest in the property even if they do not exercise the option to purchase.

DIY REI doubles as exercise..

Is there a way I can do the same exercise with a foreclosure lead?

Prior to exercising the lease option, I think you could do a "refi" or home equity, but that would have to be paid off before you "sold" him the house.

It is only fair that the rules of the contract are exercised. 

@Tony LindMike Jacka is the president of the MN REIA, and at our recent training on Subject To, he showed the legislation for the due on sale clause (Federal), and the State of MN law that forbids a bank from exercising this right.  

Welcome to Biggerpockets @Brian Gibbons, Ron LeGrand could helpLow investment(to get lease option), cash flow (while the tenant buyer is assessing neighborhood & preparing financing)and a back end profit (when tenant buyer exercises option) are the highlights