Start with BiggerPockets Ultimate Beginners Guide (free).

The total/near total loss of capital on a 2nd is a very realistic outcome - make sure you're in a position to survive this outcome.

Income received prior to that date would be considered rental income.Here's a good article on the facts and circumstances that would need to be considered: https://www.jmco.com/articles/real-estate/lease-options-sale...How it is ultimately treated will affect both the buyer and seller.

Ultimately I need 5 units to have experience with lenders.

The bugs can find areas that are not hot and survive. 

As such in order to survive in business one must have a number of deals going so that a loss in one can be offset by profits in the others.  

If building a LTR portfolio is your ultimate aim, consider how each potential flip will help you get there.

Ultimately I need 5 units to have experience with lenders. 

It was pretty hard to find properties where the numbers and landlord laws made sense which is what ultimately led me to investing in Columbus, OH.

@Ryan Dickerson, while you will ultimately need to either make a somewhat blind leap or hope you can find a contractor that will walk your properties, one piece that I will add is: YOU need to know what type of finishes you are looking at, and understanding their material costs.I.e. are you going to do carpet, LVP, or true hardwoods?