Within the past 10 months, I've been able to accrue a little over $12,000 cash.

So my first post is mostly out of curiosity.

You get accrued interest, as called for in the note.

@joegore Just out of curiosity what happened to make you so sensitive about code enforcement? 

In mortgages, payments go first to interest then to any fees owing if any then to principal, so in any one payment period you'll only have interest accrued from the last payment date or payment, any additional would the pay principal and the loan must be recalculated.

I wish I did the same in college especially with all the current student loans which I have accrued over the past 10 years.

The interest carried over is treated as investment interest paid or accrued in that next year.

@Joshua Dorkin just fielding ideas out of curiosity more than anything.

@Qusay F.Just out of curiosity and to clarify the last portion of your message, have you calculated that after all costs and reserves etc. you'd still make positive cash flow from day 1 if you buy it at the price you're offering?  

There have been complications in the Lease Option agreements, especially where the Lease and the Option are in a single document - - further complicated when a portion of the rent is accrued  as credit towards the purchase.