One big one is that scaling the lease option sale to a homeowner will attract both public regulatory scrutiny and private litigation, perhaps class action, once it reaches a certain threshold.  

HML is expensive, better to use private money from friends or family. 

Property management companies and contractors are the people in your business who make or break you.I will send you a private message to refer you to a property management company that is doing good for me.Don't let the bad experience sway you away from real estate.

@Katie Southard This is the floor plan. there is another but that does not have a separate car garage and has private entrance only from the side.

@Rennell Goudeau Hi Rennell, send me a private message and we can connect.

The two most common exemptions are the exemption for intrastate offerings and the exemption for private placements.  

Should you decide to do this full time and do more than 1 flip at a time, private lending and fix&flip loans will be the way to go.

Private investors want to invest in deals they believe will be profitable.

You also cannot use a second mortgage (from HML/private lender) for a 2-4 unit non owner property. 

There are always other options-hard money lenders, private lenders; but they are riskier and will likely have higher rates.