That's how I evaluated if this one would work for me due to the substantial fluctuation. 

@Chris Munichiello, if you buy solid deals, then you'll be able to weather any fluctuation in the market.

The percentage will fluctuate based on how long you use their money and how much they are willing to investor for (can be 5-15% annually).

As owner occupancy levels fluctuate, a community previously approved may not receive a renewal.  

(The nerds could be wrong, and there are different FICO algorithms used by different industries, and your FICO fluctuates +/- 20 points month to month for no reason at all, etc)

The only thing that I would say fluctuates is the cash flow. 

Here are a few suggestion:- Ask for all the bills for both winter and summer (if applicable) so you know the fluctuating costs.- 2017, 2018 and the 2019 P&Ls.- Request a loss run report for past 3 years.- Bank statement for last 3 month providing proof of rents deposited.- any addendums to the leases and all recent notifications that were provided to the tenants (IE rental increases).Try to be present for the inspection as a lot of inspectors share information that you otherwise won’t find in a report. 

Let's say NOI fluctuates over the years but on average it is still about 3% for our market.

Make sure you can handle rent fluctuations, vacancies, repairs.

But you already know that so no pontificating from me.Your option #1 is a good, conservative plan but I hate renting so it doesn't work for me.Your option #2 makes some sense also but will be dependent upon interest rate fluctuations while you're waiting.