My wife and I painted it, and renovated the bathroom and the kitchen with the help of my father-in-law who is a realtor and project manager, so we did most of the work ourselves.

Here's some basics of an option agreement: Option basics You'll have to negotiate the option fee.Have an attorney prepare and review the documents with you to insure it conforms to the laws of you state.

Anyone know more clearly what the evection laws in this case are in Kentucky?

Otherwise, there are generally no strict caveats here as long as you get the proper advice on moving the funds an setting up the correct entity for ownership of the asset.

Based on your strategy of buy and hold, I'd certainly focus on the property management side of things as it's the toughest part of the business.My second choice (if you were going to flip at all and manage your own rehabs) would be something construction related.I routinely beat my competition on deals, profits, etc strictly because I'm a licensed GC and know the condition and numbers better than they do.  

@John VoychickIf you're living in CA, your LLC will likely be subject to CA laws. 

Strictly from a investment perspective this condo is a turkey.

I also am a financial analyst as my day job so I laid out a pretty strict financial plan/budget for myself.

The current owner rented the house after she moved out but did NOT get it tested for lead and did NOT register the house with the county, both of which are against the law. 

I also don't find it fair that after you pour all your hard work into a property, improve it thus improving the neighborhood, that a law can be enacted that controls what you can or can't do with that property.