An option price tied to a new appraisal is also a fair win win proposal for all.1 year lease with 4 options to renew at market rent is a strong idea also.I received this from my CPA....

That's like saying by having a "no shirt, no shoes, no service" sign you are discriminating against people with no feet.

David Littleton Hi David, I would because you want to tie them to the deal as much as possible like you would for a more typical sale.

Do you have any advice for a beginner tying to invest out of province?

Maybe a pro like @J Scott who's a flipping ninja and could probably personally do the renovation blindfolded with two hands tied behind his back in one day and be finished in time for brunch would be okay just lowering his ideal purchase price just by his estimated repair cost, but I'm not that good.  

Assuming not, then it shouldn't really matter. it's all debt tied to you, regardless of which house goes with which particular mortgage on paper.

A promisory Note from the Borrower of sort tying down the payment terms.

However, you should view this as your last option after all avenues have been exhausted as you don't want to build the reputation of someone who is tying up properties without the intention doing your best to make a deal happen.

If I don't know how to proceed in a situation when another person is involved, I usually put my self in their shoes.

My money is tied up in bills.