Give it a few years and keep learning so when you can answer all the questions that real estate investors ask on here, you'll know you're ready.You mentioned your family. 

He does not mention any downside to reverting to an executory contract/ lease option/ land contract. 

The lessons you learned the hard way in 2008 will be invaluable now, and it’s great that you’re aiming to stay small-scale and within your comfort zone of Sacramento, which gives you an advantage of knowledge in that market.Given your experience, I'd say start by focusing on three key areas to build confidence and minimize risks:Budget Control: Over-renovating was one of the big mistakes you mentioned.

Not to mention any damages to the property I will have to suffer as well.

I didn't mention it in the post, but I am forced to move because of military orders.

As mentioned above this will catch up to you and bite you. 

From what you mentioned, it might be necessary to evict them earlier in which case you need all of those issues documented.

Sounds like you've stumbled onto a tremendous investment opportunity, if you're willing to take on the rehab risk you mention above.

Eviction headache and cost is something you definitely don't have to worry about with party #1, not to mention wear and tear.

They mentioned they didn’t need any income.