So it isn't a complete waste, you would simply need to follow the strict reading of the law with no private clauses for consideration...I'm not sure how that plays out since technically if the lease is void, so is the tenancy meaning you could terminate anytime and not wait for the original lease expiration...I'm sure that's covered somewhere, but again I'd ask my local atty what to do given this is such a locally specific issue. 

Quote from @Will Sherman: Kevin lists some great considerations.

One consideration is that the market we are looking at is pretty hot so properties fly off if the offers are not all cash.

Look into neighborhoods like Jefferson, West Park and Boulevard, Brooklyn Center, Old Brooklyn, and Newburgh Heights.

NYC is not even a consideration in any sense.

Real Estate grows your wealth considerably faster when you leverage since the appreciation is on the asset, not the equity. 

Personally I have never been a fan of pre-tax accounts (401Ks and IRAs) because I feel like they constrain my ability to invest in the assets I want, so another consideration you may have is to temporarily stop those investments to save faster for your house.

I’ve been reading about DSCR for a few days now and this has been at the forefront of my considerations for what we’d like to do.

That is a major consideration. 

Can Only a PART of paid OPTION Consideration Funds be NON Taxable ?