It also can get challenging to set a price now to possibly buy in the future that the owner and you will feel is fair (with markets still appreciating at a healthy pace).You can also keep your eyes open for a seller willing and able to do a land contract with you (but there usually would want much more money down and likely want a full pay off in a few years, but can see what you can negotiate on terms).I agree nothing illegal about options/option fees in WI to my knowledge, but generally seem much less frequently used in single residential transactions than commercial transactions where due diligence and closing timelines may be very drawn out.

I agree with @Alecia Loveless.

@Mike Clary Agree- tax issues are hyper local, which is why I said it wasn't worth it in my case. 

So, in this regard I do agree with Chris. 

I agree with JD - we owe it to our fellow landlords to go after these dirtbags.

They still make 10% or whatever everyone agrees to.

I agree with what Zach said, learn by doing.

If they do agree to a Cash For Keys arrangement like this I would highly recommend working with an attorney who specializes in landlord/tenant law in Portland to draft the agreement and have all parties sign.Best of luck!

I also agreed to cover closing costs meaning I'll be $40k all in.

I completely agree.