I look at criminal, credit record, outstanding debt, whether their addresses match, etc.

So conservative that the numbers (COC, IRR) were ok, not outstanding and a lot of investors failed to look into this until we mentioned that to them.

I've always taken the approach of providing a great product in a good location (close to blue line and highway as you mentioned). 

Some suggestions:- Make sure you don't have any outstanding uncollected debts.

Hi Matt,Based on the people that I have talked to so far, it seems the only people interested in doing a lease option have an outstanding mortgage payment whose monthly payments are higher than the going monthly rental rate.

We just did a 1000 sq ft and it looks outstanding for the money.

The only guideline is that you cannot have more than one outstanding FHA loan with a loan to value of higher than 75%.

Does anyone have experience in northern Independence, more specifically the areas around 24 Highway?

A property with an outstanding open option can be sold to another party at any time over the option term, but is sold with the option in force.

You would essentially be buying the home for $20k including the obligation to settle all liens outstanding which cloud the title.