Since you have just started your journey, I'm curious to know how you structured your business. 

I am a GC in Cleveland and this is exactly how I structure payments and schedules with my clients. 

James J. so redevelopment can lead to profits from higher than the value of the property with the existing structure on it.

Their only caution was if I planned to add an addition onto the house (I don't), or add a second structure, i.e., garage or cottage ( I don't).  

One potential investor in particular has been going back and forth with me on potential ways to structure the business.

It's applicable to all corporate structures and not just LLCs, but the corporate veil law in Ohio is pretty business friendly.

None of the rent should go towards the purchase price with a lease option (rent to own is a marketing term for a lease option), unless the deal is structured as land contract, deed installment, or mortgage wrap.

Are there ways around this as far as structuring and has anybody done this?

My partner and I are going to be purchasing our first property in the next month to flip and we are figuring out how we want to structure the purchase. 

My Father has built homes and he said it is a solid structure and is very sound.