After getting a good amount of equity in the house for future HELOC funding, I was going to move out of it and use the property as a rental utilizing a lease option, or, rent to own agreement. 

I wish we could nail the fake pump and dump due diligence PML that infect the internet in the same manner as this.

You haven't even closed yet so how can you assess its future performance as profitable or not.

I think I’ll avoid vinyl planks on a crawlspace in the future. 

They can also handle all the paperwork and help with any legal stuff you might need to know.One thing that can help you and your tenants in the future is making sure your renters get renter’s insurance.

Are you giving them the promise to use them in future deals where they will earn 3%?

@Rene Hosman the answer is a bit dependent on what your future uses are.

I see so many people say they are using schedule C and they are not providing substantial services.This post should be referenced in the future when this question keeps coming up multiple times per year.

You need comps to get a value not improvements.Second I would advise against a 15 year it will make it harder to qualify for future loans.

Then it would help if you still had more to set aside for future vacancies and capital expenditures.