Its a buy and hold rental that needs minimal work. 

Minimizing the vagueness of the work is important to make sure a rehab (whether for flips or BRRR) is done correctly and well.

A prudent investor will make money by minimizing their risk.  

Also, I am considering to do a hard money loan vs a conventional loan for this property and roll over to a traditional loan to occupy this property to minimize cost during any of the rehabbing.

Minimize your total debt as much as possible. 2.

Also if I can't do lease-option what other options would I have as a landlord to minimize my time being so-called bothered by a tenant.

Hey @Kadijah Hammond, I agree with Nimral.In my experience, to do flipping well, you should have a great relationship with a hard money lender / investor, or start out with cash.Wholesaling enables you to get your feet wet, with minimal liabilities, all while understanding the process.

If the tenant is not renewing, you want all your ducks in a row so you can minimize vacancy and refresh expenses. 

Option #1 makes the most tax sense as I'll be paying less in taxes and at least still have some minimal access to the money, but I *hate* that option as I much prefer liquidity.

If damage is on all elevations but is only minimal damage to each elevation it is possible that the insurance carrier would pay to replace the entire roof even though it's not necessary.