The following is not a legal opinion (I'm not an attorney) but it is a practical opinion having taken assignment, having assigned contracts, and having purposefully prevented assignments and having heard attorney's opinions on this about 3 or 4 dozen times over the course of my career for real estate contracts in Ohio. 

I look forward to the journey ahead while simultaneously helping out when and where I can for anyone seeking help down the road.

Anecdotally I have had lenders tell me outright that FHA lending guidelines frown upon this practice more than a conventional loan.A lot of lenders do have 3-5% down conventional loan programs too, so definitely weigh the options and the costs...as well as the potential future tax implications of the decision.

The only thing that helps is practice.

It's just not practical to fly a contractor in.

There’s a reason the government specifically calls out “ rent to own “ in the Dodd frank bill a “ predatory lending practice” Save yourself a huge headache and move along with someone else

Houses are priced similarly, typically a bit cheaper, however the interior is practically new.Thoughts?

In Northern Indiana (Nisource), it used to be 20+ years ago (and I assume its still the case)  you would have to put a deposit down to cover the gas and electric distribution services, and you could get some credit back based on houses going into service with some assumed usage patterns.City run utilities and REMC's would have drastically different practices. 

@Troy S.I would say it depends on your level of connections to businesses and expertise in dealing with different businesses (e.g. logistical/legal/practical issues leasing the space to a restaurant versus convenience store).

Seems decent but wondering how practical it is.