See #1.3 - They CAN give you an Option Consideration (100% of the price of the option) that is at least equal to what you used (you will have already closed on your purchase of the house) for the DP & closing costs.4 - If the above #1-3 are followed, the numbers read like this:   a - Your cost(s) are:         1 -  the DP and closing costs and,         2 -  the Mortgage Payments and Tax/insur per month   b - Your tenant/buyer (your income) gives you the Option Consideration and the rent, and           pays for the rest of the monthly expenses (i.e...utilities, etc...)5 - You profits are:   a - The spread between your DP/Closing and the Option Consideration   b - The spread between your monthly costs, and your monthly incomeJust don't mix the lease agreement with the Option to Buy agreement...in any way. 

@Michael Nathan following!

Tenants follow the path of least resistance.

Following his advice the best we could, we found a rent ready home in Georgia that slightly exceeded the 1% rule and pulled the trigger.

Wilson County offers the following discounts:If paid in October, a 3% discountIf paid in November, a 2% discountIf paid in December, a 1% discountKendall County, Boerne ISD and Comfort ISD offer early payment discounts. 3% if paid in October, 2% if paid in November and 1% if paid in December.

As @Ryan Paltridge mentioned, it is best to work with with someone in the area, ideally someone that is doing or has done what you are trying to do, as one would understand what you are trying to achieve and follow the Return/ROI/Cap Rate/Cash on cash return (which ever way you are analyzing your deal)  you are looking to accomplish. 

Prepare yourself for some push back but ignore and move forward.

I am looking for feedback in the following areas:1.

Great question...I've never heard of it, but doesn't mean it doesn't exist...following this thread

Follow your state's process to evict and do so.