Take a look and let us know if it doesn't suffice.

Or is just knowing the general rental rates in my area enough to suffice?

If I were licensed in CA, I'd just run a disclosure by a RE atty and make sure it would suffice.

Suffice it to say that I believe that the management company for this property just doesn't care about the tenants unless they have been long term renters.

Would a formal intent to purchase letter with intent included suffice?

The banks want to know if your NOI is going to be sufficent to cover your debt service, with about a 20% cushion for error.

If you like the "better tenants" and "less management" approach, a simple lease option should suffice.

It seems to me that it will more than suffice for my needs.

If you're NOT living on-base, only 3-5% down should suffice, meaning you may be able to purchase two properties for a total of 3. 4- Sell the LO property after two years, and use the proceeds to purchase another two investment properties.

That will cause your insurance premiums to be much higher as well.If you were to lock this up at $1.4-$1.5M, you would have an incredibly hard time finding a buyer willing to pay that much + assignment fee.As far as a contingency, you obviously don't need a financing one, but a simple inspection period would suffice to allow you an out.