Sandwich leases carry TB non-payment and management risk as well.When you 'call up the bank', it will be for a purchase, not refi.  

I'm looking for input on a possible sandwich lease option deal, or a pure lease option with transfer/sale of the contract to the tenant buyer.

Why don't you offer to manage the place for free in return for a sandwich lease option?  

I see sandwich places have this all the time.

A student may not be able to become the tenant buyer in your sandwich lease option (rent it out for slightly higher and sell to them for above what you have an option on the property for), so maybe you could work with older tenants.I know you're looking at rentals, but have you looked into other avenues as far as making money in REI is concerned?

A highly successful commercial real estate investor was sitting on a pier enjoying a sandwich, having just secured his most recent development on a property a few blocks away.  

Seller Financing depends on the state - Sub2 with or without land trusts, Contract for Deed -Land Contract, Wrap AITD, Lease Options (Sandwiches or Assignments) the Due on Sale Clause is an issue with some of these.4.

If you do Options, sandwich Lease Options, quick-turn flips, assignments, and basically anything but buy-and-hold rental property (held for at least a year), an S corp is superior to an LLC.

If you go to Starbucks to buy coffee for your work crews or grab sandwiches for them, then that can be immediately expensed.  

Maybe the fact that it's sandwiched between two larger fires has something to do with it too.