With someone local I can very quickly determine their level of seriousness, usually within a day or even less.

When my current home sells (hopefull this Fall), I'll have funds to purchase another fixer-upper and have enough left $$ for rehab.

The areas are clean, not blighted like most of Motor City, and most of the renters are upper middle class engineers, cops and teachers.

Lease/options can force you into a foreclosure situation even though you are the landlord.That said a lease/option can still be a good idea.If you use a rent credit that reduces the rent to below market levels the lender could have issues later when the person goes to exercise their option.

Here's the basics on the house:--4000 SQFT (including 1000 SQFT finished basement--6yr old central unit and unknown age second unit--excellent foundation with no to very minimal settling--split level with large bedrooms and large bathrooms--1.5 acres lot in a good neighborhood with a few million dollar homes a couple of streets over--nice but neglected landscaping--built in late '70sFannie Mae wants $179k but it needs everything on the inside.

I actually knew the writing was on the wall a year earlier when they hired a "take your business to a whole new level" consultant who didn't know diddly about hardware or software.

It was a bit of a fixer upper but the price was right.

They asked me for what level of person would qualify using an A to F scale with associated credit scores.

Might be easier to receive proper advice based on your experience level with different aspects of real estate.

They also all know on some level that they aren't getting all of it.