The amount of time spent on research for specific properties in slightly different areas for slightly different personalities that need particular approaches over months and months is more than enough to handle for a successful realtor without adding a plethora of tenants and renovations to make matters more complicated.Each person plays his/her role in the rebirth of neighborhoods...

Depending on other factors I could easily see $300/month for a SFR.When I did this exercise I posted my thoughts in the San Diego section of BP. 

Make a clear distinction between your two roles.... landlord and neighbor.

A home inspector could possibly also fill that role.

Please don't assume that procrastination played a role @wayne brooks.  

I would do the same thing if the roles were reversed and I was in your situation.

If you get it exercise your option.

I will look into those roles at respected RE companies. 

I understand that when my tenant is ready to exercise their option, i can go ahead and exercise my option by doing a double closing.

I have been talking with a couple investors who would take the role of being the money partner.