That could work if you find the right person.

No personal income or tax returns are required.

We purchased it off market, as-is, and as it was our personal home, we renovated over time.

I have sold some properties years ago on lease options where the tenant buyers actually exercise their right and purchased the property. ( I was in the deed.)The reason I am concerned to tie another person’s property up  with the lease option is that people can change their mind, as in the seller.  

I purchase my personal investments to maximize their equity and hold long term.

On more than one occasion I’ve talked with a person or two that was offering real estate coaching and I found out very quickly that either it was not what they were advertising or they was not far enough along to be coaching anyone except maybe a complete newbie or maybe it wasn’t the strategy for me.Anyway, that’s my ramble for this morning.

I personally wouldn't buy an old home as a rental, I only buy 1980 or newer for myself, all of my properties are in the north part of Gilbert built between 1985-2003.

It also gives you multiple work surfaces so you can have more than one person in the kitchen without getting in each others' way.

Shadow/mentor a person doing it.

Of course most GPs have personally put in money to keep the deals from sinking.