Yes, you have to factor in maintenance, cap ex, vacancy, etc. but the numbers can still work in your favor.

Having never done one of these, can I get some feedback on how we structured the option and pose some questions:Well, I've done a lot of these and this is my favored package:I have had lineups each time I put a Lease Option to the public.There needs to be two agreements, an Option Agreement and a Lease Agreement.

That creates a really nice price / rent ratio which is favorable for investors looking for cash flow.

I have dealt with these vacation towns a few times and some places are already zoned in our favor. 

Quote from @Bill Brandt: Sounds like your agent didn't do you any favors. 

Government involvement in this case is actually favored, at least for me. 

If you have a good credit score and a stable income, you may be able to secure favorable loan terms.

You want to ensure that your lender is doing their upfront due diligence on the deal, has programs to get the deal done if the final numbers come in different(low DSCR requirements, favorable rent guidelines, etc), and is offering you excellent customer service.

In my experience the Landlord / Tenant laws are less favorable in Chicago and I have concerns in how the budget deficit in Illinois is going to play out.

It has not gone in my favor and is taking up the entire useful part of my lot that I am stuck owning and paying taxes on because it is tied to a mortgage on a MFH that I own.