You have certainly demonstrated that you adhere to one of BP's edict that you take action.And as you said....on to the next one.Continue to learn, build and grow your REI business into one that satisfies your craving.The sky is the limit and you just got started.

You've obviously demonstrated through your actions that you are 100% dedicated to building a real estate business on several levels, which is a heck of a lot better than most of the people on BP who "think" about getting into real estate.

Our agreement wording is:After additional deductions for cleaning and repairs necessary to restore the premises to its original condition (less allowance for reasonable wear and tear), along with deductions for any rent due (including rent loss during periods of restoration), late fee, caused inspection/eviction, utility, notice, legal and any breach of contract costs, the balance of the security fee shall be refunded pro rata as follows: 10% of the remaining balance for up to one month of occupancy; 20% for two months, 30% for 3 months, 40% for 4 months, 50% for 5 months, …and so forth until 100% for 10 months or more of occupancy.We also look for applicants who have demonstrated by past behavior that they are capable at staying at an address for some length of time; one year minimum, more is better.  

It might look something like this (I'm making up numbers and dates to demonstrate).  

Demonstrate that you intend to do a lease-option and that you believe the rent and option price to be reasonable.

Not sure how the contractor licensing laws work in your state but I know here in Cali you have to be able to demonstrate 2-4 years (depending on how much relevant education) of on-the-job experience before you can get your license.

While a bank will look at your personal financials, if you demonstrate a solid deal and can prove without a shadow of a doubt that the rents will adequately cover the debt service, you should be able to get someone to loan you some cash.Granted there are a lot of financial details you didn't list, it sounds like a great opportunity given the location/ potential upside in the future.

However there is a growing bank of case law that demonstrates that there can be mitigating circumstances where a hold of less than a year may be acceptable and more than a year might not be enough.  

This person was uninformed enough to take on a lease option on a 30k property plus spend cash to improve it rather than improve their credit with their demonstrated ability to save cash so they could put 3pct down on a property in much better condition7. 

The critical issue is that should you be audited you would have to demonstrate that you did in fact have the intent to hold the property for rental, investment or business use.