while you can learn from numerous sources, the quality of the education provider you choose will be a good indicator of the seriousness of your intent.  

The main thing I am taking away from everybody so far is that the repairs I am doing now are not unreasonalble for future considerations (which relieves some anxiety) and that I need to consult with my electrician before doing any modifications to the systmen - regardless of good intentions!

I found a nice 3 family in an urban area that I decided to buy using a risky 80/20 loan with high interest rates with the intention of refinancing into a 30 year fixed the following year.

I bet there are a ton of investors out there who would tell him "yes I'll lease it back to you" and then just wholesale it to some other investor who would have no intention of ever allowing the guy to do a lease option!!!

Well Eric's thoughts are in good intentions, you should believe some of the news.

Otherwise you may have lost all your equity regardless of the owner's intent to sell.

I am very upfront and specific about my intent using the option contract."

The IRS is going to evaluate each deal on its own merits to determine if your intent was to flip or rent.

Samantha - I have no intentions on showing the houses myself.

However, your company has the liability to pay as agreed, so if you do the project in a seperate LLC, you're not personally liable unless you do those bad boy things under which case you can't write yourself out of acting without liability for intentional acts.