First, do both applicants qualify according to your unbiased, predetermined, rental criteria?

Instead, you pay an Option Fee that, for a predetermined length of time, gives you the option to purchase the property at a negotiated price and with negotiated terms.

The loan is priced accordingly for all of that predetermined action in the secondary market.  

Thinking that an appraiser is limited in an evaluation is not really correct, they have great leeway in the process, this ties into the thinking that you're attempting to prove that predetermined opinion of value.

Saying "I don't want to do it" is like saying "our culture has predetermined norms for what a businessman / professional wears, but it's too much work for me".

Maybe I should propose to do a Lease contract for the two properties from them for whatever their PITI is plus a certain premium, with the provision that I can sub-lease the units at my discretion and am responsible for any and all maintenance and repairs, with a secondary Option contract stating that upon satisfactory completion of the 60-month Lease contract I will have the option to purchase at the pre-determined price.I'm very new to all this, Michael, what do you think?

Generally a pre-determined or set fee may be considered a penalty, therefore it is usually not permitted."

This will include the rehab of and resale of properties in our designated market with a pre-determined time frame and ROI.

I will then begin (with that personal capital) to purchase 2-4 unit properties (a predetermined amount each year) in order to have enough constant cash flow to feel comfortable not having a day job and pursuing "active" investing full time while my "passive" investments pull me thru the leaner months.

I always do explain to them that we will be either reselling their property or renting it out, but I don't tell them that hopefully I will have it sold before we close.There is no predetermined earnest money amount.