We just need to make sure the lender can do the loan without the tax map key   really depends on the lender, a direct lender who uses their own money may come down but a hard money company with 20% down on land even with other collateral may not want the deal.

Another benefit is it is much easier to diversify into multiple markets, asset classes and operators.Just wanted to share an alternative - often active investing is the way to go, but it really depends on the person and it is important to know that there are passive ways to accomplish your financial goals.Good luck!

What documents do they require, what credit scores do they allow, how do they verify previous rental history, etc.?

Whether to go with a BRRRR deal or multiple down payments depends on your risk tolerance and long-term strategy.

I have found that Redfin actually has pretty good search parameters to where you can look for listings that have been sitting a while that fit your buy box, and you can even do keyword searches for things like "as is", "investor", "seller financing", "guest house", etc. depending on what you are looking for.

The structure will depend on the down payment, quality of borrower, terms of note, your cash out of the note sale needs, and other factors. 

It depends on the amount of money that the tenant buyer wants to put towards the option as to which type of lease option I do.

Taxes/Insurance- depends a lot on where you are located.The homes themselves- POH or TOH? 

-Depending on your gain above, you could get a partial 121 exclusion and a 1031 on the townhouse.

His credit score is fine but his income is showing too low to get the loan, so I though maybe I could use my HELOC to make the purchase and do a Lease to Own.