I would go with option A.

Just one additional option.  

Most owners who do it want to keep the option of having the building vacant when they eventually sell the place since vacant places sell much more easily then tenant-occupied ones if it's a rent controlled building.

You may have that option, yes.

I am interested in acquiring a 10-acre lot with a house listed for $1.6M in a Houston suburb and would like to investigate financing options for building a commercial structure on the property.

During period of low interest every post on BP was about cash flow - now that cash flow upon acquisition is dead the only option is equity which is also reeling because price appreciation is finally back to realitypersonally I buy for growth because I buy to hold for 10-20 years or longer.

As already mentioned, he wouldn't be able to use rent from roommates to help qualify but based on the numbers you shared there should be a VA option available considering how much flexibility there is. 

Once I gave them the online option, however, and the bank didn't deliver one tenant's check causing a late fee, they've all used the online option.

You can get started with rent to own/lease option or another creative strategy like buying subject to. 

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