The real options I’ve seen (not the happy homeowner lease options) typically are for a year for a set option fee, with the right to renew for another year at a set additional fee, with or without a price escalation.

You'll also have higher fees the first few times, so you'll need to buy something with better margins. 

Are you going to charge a pet deposit or monthly pet fee, etc?

However, we noticed a few redeeming features during our inspections that gave us some hope over the 8 month renovation - 11' ceilings (hidden behind drop ceilings), original heart pine floors (protected under laminate flooring), original fireplaces/mantles, and desirable location (5 minutes to downtown Columbia). 

WE do include fees for removal of personal items, including excess trash. 

They get them lined up and collect those fees then its debt deny deny , next !!

I myself am not. and most flippers are not GC's  so all of us non GC's need the developers license.. now there is no test just pay the fee. you must have proof of insurance and a 50k bond.. the bond and insurance for those that have little to no money or bad credit can be a stumbling block.

Account Closed $60,000 loan in Michigan usually doesn’t fail the points and fees test so I am very surprised you are having such an issue. 

Sometimes the HOA fees (essential the same as our Body Corporate fees for units here in Oz) can be very high and out weigh any cashflow benefit of the rent.Getting funding can certainly be harder but not impossible. 

On top of that, the legal fees and time it takes to clear the property...