Thanks in advance Florida is a super lien state, so depending on when the condo was created the entire lien amount could be owed by the buyer or a portion (I believe lower of 1% of the purchase price the person being foreclosed upon paid or 12 months HOA fees, whichever is lower).Definitely will want to look into that.

I know high level how it works, but not sure how to get started.

The level of risk you face with a lease option depends in large part to the type of lease option you are doing. 

Many investors from California are investing in the mid-west because of the yearly cash returns making more sense in these lower priced markets.

Yes a larger downpayment can be an option or possibly instead of a 30 year fixed look at some possible ARM options or buydown options to lower your rate a bit.

I live in a high cost of living area (northern virginia)I am interested in the possibility of multifamily homes or multiple condos/townhomes in lower cost of living areas near by - about 1-2 hours away.Can anyone tell me more about the Harper's Ferry, WV market?

Hard to say where rates will go for sure, but we don't expect them to be at this level for longer.  

Numbers are more doable in the Midwest where you can acquire units for a lower cash and might get 1% or more of return.

Glad we are not getting sucked in by this lender that hasn't been able to be vetted.However I do have lenders that are proven to be on the level,and great to do business with.However they usually don't go below 1mm.Email me if you need their info.

If you can stomach short term lower cash flow and HODL, you'll be very happy.