Figure what the most important factors are to you from purchasing an asset.

Abating the odor (tobacco and Marijuana) is costly and time consuming. 

Learning how to manage a house you've purchased is far more complicated.

I just purchased a 2 family home in the Bronx (NY). 

I've been searching for and working towards purchasing my first investment property for years and years, every time I found one that fit, other local investors with more experience, more readily available funds or alternative financing, and more connections were already writing offers while I was touring the property.

So, for example, MN law Sec. 82.67 MN Statues has, in summary "A real estate broker or salesperson shall provide to a consumer in the sale and purchase of a residential real property transaction at the first substantive contact with the consumer an agency disclosure form in substantially the form set forth in subdivision...."

Regarding nonrefundable deposit on lease option to purchase for a home selling for $375K.What does the nonrefundable deposit entail?

Rule number 2:  The Option Consideration is NOT a deposit on the purchase, it's the cost of the Option Contract, and it should NOT be given as a credit toward the purchase of the property. 

Sell the property purchased as single property as 2 properties.  

My out of state clients are successfully BRRRRing and flipping here because they can find rentals around $120k to$180k purchase price.