I need to know how to do a "Rent to Own" properly as part of the strategy for this unit. 

You will suffer.PMC 2 may not be playing "fair":1) What's the penalty if they don't rent the other unit in 21 days for $1350?

@Meet Shukla welcome to the forums! 

Be sure to shop around for the best terms and understand the refinancing process post-rehab to ensure your numbers work.

How did you add value to the deal?

Reading Vanessa Peters book “the busy professionals guide to passive real estate investing” and in it she has a chart showing initial investment of 100k, 8% preferred return, 20% cash on cash return including sale of property, and 5 year hold.Each year she shows $8k return (years 1-4) then a $168k return in year 5 including the return of equity.

Most of the time, it should take 30 days or less if the property is properly renovated, marketed and priced.

The PM is very capable and have suggested different ways to improve the amenity to attract more customers and raise the price.

Have a conversation with a CPA to see if you will benefit from the cost segregation before getting it done.

You really do have to prove them you are the real deal.