If you truly have cashflow to spare I would personally look at the 15 year.

I personally have a separate account for each property I own.

But, you need to talk directly to the person whose name is on title. 

A landlord policy can be a commercial policy or a personal lines policy.It's the same as asking if you should buy a single family rental or a 1 unit building.Focus on the coverages and disregard the name of the policy.

I'm hoping for some input on the best way to write up the lease contracts, as that is my next personal assignment.

I have sold some properties years ago on lease options where the tenant buyers actually exercise their right and purchased the property. ( I was in the deed.)The reason I am concerned to tie another person’s property up  with the lease option is that people can change their mind, as in the seller.  

Hey @Mario Morales I assume you're planning to purchase the new property under your personal name rather than through an LLC?

I’m considering countering with a price closer to the market value, but I’m curious how others approach deals like this.Looking forward to hearing your thoughts!

Personal money How did you add value to the deal?

Further, if someone communicates the volume must be turned down or off, that person wins.