The tenant paid a L/O deposit and pays $1080/month.

Hi Everyone, I'm a big believer in trying to simplify things, and I love the idea of controlling property without owning it.Just curious what everyone thinks of using a long term L/O with very small Option fee and no rent credits to control property, but then just straight renting the house for cash flow rather than doing a sandwich L/O.I'm not sure if the spread would be too thin, but my thought was I could do a lease for the PITI amount and then cover expenses up to say $200.  

I will just use LO for 'lease option' here.  

If you LO a multi-unit then your asking one of your tenants to be a landlord to the other units.

Sounds like a) your lender did not do their job upfront and manage your expectation or b) your LO never reviewed all your info upfront or worse he/she reviewed them but did not know what they were doing.

Unfortunately all LO's and lenders are not created equal.  

I'm using places like http://www.zillow.com/homedetails/2201-India-St-Lo... and http://www.zillow.com/homedetails/2665-Benedict-St.... 

I have a piece of family property that I am trying to sell. It is an odd shape/size for residential, but would fit a manufactured home well. I have decided to utilize some type of owner financing to get the deal done,...

An LO that served in the military will often know a little more about VA loans than one that didn't, but that's not a requirement or anything. 

(Near Bi-Lo plaza)