How a delay is defined and how much it costs needs to be established before hand (see note on having all your arguments ahead of time).  

What does the IRS define "economic activity" as?

When you're selling product on an ongoing basis, the carry component of the arrangement is highly motivational, but in a buy and hold scenario, I'm not sure how relevant that component is.Thanks!

The financing will obviously be different as a foreign national, but we work with lenders that will finance foreign investors, so the good news is they exist.The yield you're looking for will partly determine the market(s) you focus on.How are YOU defining "multi unit" properties? 

@Nicole CareyFHA has two components.1 - An upfront MIP which you pay at loan closing.

These are the first people I'd call before I did anything else and spent any real money.A good hard money lender could give you some advice on your strategy and will clearly define what they are looking for in a property and a borrower.

@Maged Bishara can you define "net revenue"?  

The right deal, for us, involves five key components: 1) economics 2) location 3) density 4) infrastructure and 5) age of homes.

If an optionee is required to do anything to maintain the right to purchase, such as pay rents on time, you don't have an option, you have an installment sale or a sale contract.The heading of a contract at the top margin does not define what type of contract you have, you don't just declare you have an option, the intent of the contract and the terms will define what you have.The intent of a sale is spelled out in the Tax Code with the IRS, it is based on international accounting requirements, look up asset recognition of real estate options.The IRS is not some lonesome dove, all agencies under the Executive and Judicial Branches work in concert, in other words, if the IRS determines requirements all agencies and courts will utilize the same requirements to make their determinations.These "intent" rules go into effect this year, 2016.

Trust is a key component for long term, cordial business relationships.Happy Investing