Plus, it will cost you 10% transaction fees, plus around 15% federal capital gains, plus state income tax, plus Obomacare tax to sell. 

I also don't trust the dollar that much due to the screwy games the Federal Reserve and other national banks are doing to their currencies. 

Hey Brian,  I had a look at the NAR and HSH sites you linked here, and as I would prefer targeting middle to higher income people, couples and families initially (to see how that works, vs. dealing with lower income earners, and government 'subsidized' people) what programs would you suggest, or do you know of a good REI 'friendly' mortgage lender(s) rep or principal in California (NorCal, perhaps?)

You need to explain what an "option fee" is in your question.If someone purchased an option from you, then the money is yours.If someone has deposited a fee to secure an option, such as a right to purchase dependent on a satisfaction of inspection or engineering report, then the money is not yours.If the money is not yours you might want it held in a title company's escrow account (or an attorney's) with a written escrow agreement describing what the deal is.If you hold the money, and it is not yours, state and federal law might consider you a "fiduciary."

You might want to also check out Security Service Federal Credit Union.

So when you say local banks, do you mean banks like SECU or Navy Federal or PNC?

Here in CA MLO license is governed by the DBO while the RE license is governed by CalBRE.

(now...don't go leaking my secret government plan.

In my experience, Declarants-in-control have a tendency to over-pay management companies, sometimes even management companies that they own under separate legal entities.If you were successful getting much information from a HOA as an offeror, I am impressed, as their governing documents and practices generally limit their obligations to their own Owner/Members.  

Then, READ THE LAW that governs the state in which you are forming and naming your business entity.If you need to talk to the real expert for your state of interest, call the secretary of state's office in that state and have the receptionist transfer you to the person who handles formations and names for type of entity and ask them the question.Happy googling/dialing