If you own a proeprty for 10 years your situation might be significantly different and the LLC offers protection with flexibility for relatively small cost.  

Some lenders maybe flexible in that regards but when I have a buyer in this scenario, I want encourage them to get full loan approval so once day 90 comes the lender can order the appraisal and usually close within a couple of weeks 

Flexibility will vanish if you invest now.

So I decided to leave my career and pursue real estate so I could have the flexibility to care for my boy.I consumed everything about real estate. 

If you can get a local bank to do it often times they are much more flexible and sometimes have no prepayment penalty's.

Other significant update items are outside the building...paving / curb appeal.If I can position a Master Lease (with ultimate purchase price (so really Master Lease / Option),  the flexibility that provides could allow me to pay a little more; however, even without putting initial money up for the purchase I will be investing rehab / re-position monies.So my question:  is this fairly standard with a Master Lease? 

I need flexibility. 

The rates and  terms will be different than a standard loan but those loan types have the ability to be flexible. 

I have rentals class C to C+ rentals, holding out for a 650 fico would often mean more vacancy and lower rent, so I elect to be more flexible, and probably take on greater loss risks than you do.

I would recommend that guide, and consider FHA loans that can offer considerable advantages, especially if you're at all flexible with your living situation.Another book recommended by a BP article was "What Every Real Estate Investor Needs to Know About Cash Flow" by Frank Gallinelli.