If your return is not that great, think of it as a learning exercise!

Just plan on doing some fix-ups and repairs - anything to enhance the value of the property.

They just ensure you sent the necessary paperwork to document the transaction.A Checkbook IRA LLC is an enhancement on this structure, and makes sense if you will have a decent amount of interaction with the investments, as is generally the case with rental property.  

Sure they may handle snow removal, lawn care, etc, but be careful about allowing them to make capital improvements to the property as they may be able to claim an equity interest in the property even if they do not exercise the option to purchase.

DIY REI doubles as exercise..

Is there a way I can do the same exercise with a foreclosure lead?

Prior to exercising the lease option, I think you could do a "refi" or home equity, but that would have to be paid off before you "sold" him the house.

It is only fair that the rules of the contract are exercised. 

@Tony LindMike Jacka is the president of the MN REIA, and at our recent training on Subject To, he showed the legislation for the due on sale clause (Federal), and the State of MN law that forbids a bank from exercising this right.  

Welcome to Biggerpockets @Brian Gibbons, Ron LeGrand could helpLow investment(to get lease option), cash flow (while the tenant buyer is assessing neighborhood & preparing financing)and a back end profit (when tenant buyer exercises option) are the highlights