I’m currently renting with a 12 month lease and have nights and weekends off.

I have over 100 SEC 8 leases.  

Ask the lender if you were to purchase something that already had established tenants in it, could you use the existing leases as income to qualify for the loan.  

I am looking into wrap around mortgages and lease option and trying to understand the fundamentals of how to pitch it to a potential seller and get a contract.

Start looking for joint venture partners and look at lease options.

I would recommend placing the property in an Illinois Land Trust then leasing the property to the LLC with the right to sublease.Your bank as interpreter of your FHA loan makes the final decision.

You can always extend her lease if she doesn’t find anything in time.  

Their would be no dryer option with the cold water feeding both hot and cold tap on the hookup due to I have to foot the water bill and would be specified in the lease. 

I have a property that is currently leased to 4 tenants, all of them signed ONE lease together.

As an attorney, I represented developers, REITs, multi-national corporations, and local governments in all aspects of real estate including asset acquisition, development, leasing, and disposition.