Here in Illinois, people are required to have a license.

Try to buy something that requires less renovation in a nicer neighborhood.

The property has since increased 82% in value, we use it frequently as a family for vacations and weekend get aways, greatly minimized my RMD requirement, break even each year on my taxes, etc.

So, as long as you have at least 5% down AND the second lien meets these requirements Fannie Mae second mortgage requirements  you should be able to do what you are looking to do. 

EMD can be paid online.

Do you require tenants to add the difference to the last month's payment each year with a rent increase?

For landlords, lease options can attract tenants who are committed to the property and may take better care of it.Commercial Property Considerations: When considering a lease option for a commercial property in Texas, ensure that:The terms of both the lease and the option agreement are clearly defined and legally binding.Both parties understand their rights and obligations, including maintenance responsibilities, payment terms, and conditions for exercising the option.Consult with a real estate attorney to draft or review the lease option agreement to protect your interests.Here are some things that may help you form a pros and cons list going forward:Advantages:Potential for higher rental income due to the option premium paid by the tenant.Attracts long-term tenants who may eventually purchase the property.Allows flexibility for both parties in uncertain market conditions.Considerations:Ensure the option fee and terms are fair and reflect the property's market value.Understand the financial implications and tax considerations associated with lease options.Be clear about the tenant's ability to exercise the option, including financing requirements if they decide to purchase.Lease options can be a viable strategy for commercial properties in Texas, offering flexibility and potential benefits for both landlords and tenants.

While specific rental data might be scarce on platforms like Rentometer, local real estate agents, property managers, and online rental listings can provide more accurate rent rates and market trends.

Credit requirements may be the same but the. income requirement is different.If you invest in single-family homes for rentals, once you have built up your portfolio and have your positive cash-flowing assets maybe a % of the portfolio can be set aside for below-market rents.My opinion- You have to make $ first so that you are in the position to give back.

I assume zestimate or other online estimating tools are inaccurate.