If the property has a positive cash flow of $500/month, I would just let the mortgage ride.

You'd be contacting and negotiating with the owner directly.There is also the old fashioned method. 

I'm a cyclist and ride all over the city. 

There's an old saying among motorcyclists....dress for the slide, not the ride. 

You’re into this property for hardly anything at all.... if you see rent rising and appreciation taking place I’d ride it out.

Raise the rent and enjoy the ride!

This is why I asked the question in that fashion.

While I miss out on that first pay day, overall I still think I do better lease optioning the house than renting it out in the standard fashion, and I don't want to have a long term rental with a pool.Here's what I'm thinking:1) Two year lease option at $1400 a month with $200 of that going into an escrow account to help him save for his down payment (this portion would be refundable if he decides not to buy).

Anyway, I was committed to playing the long game because I knew soon the joy ride for them will be over and the desperation they have been disguising with spitefulness would be coming back full circle.

It's not materially driven, which makes it a bit confusing sometimes in a fashion similar to your question here.