The original lease would still stand, but you can have them sign an Addendum just to acknowledge the switch of ownership of the lease ( you) and where payments are to be sent and how they are to be made out, or if online payments, how to pay. you can not physically change the rent and i wouldn't bother re writing it on your co. letterhead, that would be a waste of time and a headache.

You may not need to budget for as much capital expenses if you don't plan on holding it for very long and if you replaced some of the major mechanicals in the rehab.  

Any recommendations for good online RE school would be really appreciated.

BP is a great tool for networking online...may not help as much with investors in your area, but it's a massive network.

If they don't don't exercise the option in 5 years, we can just sell the property or do another lease option and we stand to make even more.The reason I like to do lease options over rentals is because in the majority of cases, I don't have to budget for the 3 highest expenses that come with rentals: vacancy, turn over, and capital expenses.  

I've been looking at property online to get a feel for the market and see a lot of mfh listed for 140 to 200~ in my area. 

I had read some articles online that even in joint tenancy, where multiple people own and are on title of a property, only the individual(s) legally obligated to the debt (i.e. named on the mortgage note) can deduct the mortgage related expenses (interest).

Taking that into account, here we go:I've never met an online, computer generated comp that I've liked.

I did not over analyze this, but I followed the advice of my attorney and the majority of local investors  hold their properties in LLCs.

And are there any major concerns I should concider so I don't screw myself over?