If you do, could I ask how that has been going and has the rents been comparable to the payment standards advertised by the respective housing authority?

Shadow/mentor a person doing it.

I have sold some properties years ago on lease options where the tenant buyers actually exercise their right and purchased the property. ( I was in the deed.)The reason I am concerned to tie another person’s property up  with the lease option is that people can change their mind, as in the seller.  

@Ryan Raven most states don't care if you screw up the management of real estate you own personally.The government does have a problem with an unlicensed person/company screwing up the management of properties they do not own.

Personal loan for renovations How did you add value to the deal?

Personally, I'm waiting for the lawsuit by a seller against his own broker for refusing to vet a potential buyer and then show to a qualified buyer.

If you need more to do the rehab, perhaps instead of partnering, you could get your former boss to do a personal loan. 

There are legal requirements for disposing personal property left behind by a tenant.

If you close with a conventional loan, it will need to be in your personal name.

You have set your standards.