Another advantage of this is that if the old owner decides to pay the taxes and reclaim their property they have to repay you the price you paid for it plus 1% intrest for each month from the time you purchased it.

The option period is for you to negotiate items that are safety issues.

For this reason, I highly recommend the 2 BR option over the 1 BR.  

@Francis Faucher most of our Canadian clients set up an LLC, which I beleive offers better tax options than a C-Corp.

Looking for a bit of insight as to my options on financing. 

Are there no other options?

If the rent is deposited into your account then you have accepted payment.I use apartments.com and zillow to handle payments - they allow you to block payments.This won't help you this time but in the future your lease should specify how they are allowed to pay rent, specify payment options that give you control over the payment.

The lot is 3x the size of the other option and the home has very high potential for value add.

If you're going to stay in Westchester, you'll have more options on the market this time around than when you first used the househack strategy.

Hey Madina,DSCR is a great option, especially if you want to purchase the property under an LLC.