Compiled with my previous bad experiences with realtors, I'd like to have control over my own destiny and get my license.I am thinking about beginning out by wholesaling to build up some cash reserves.

The CFD's are dropping faster than interest rates at a Federal Reserve meeting.

What is the buyers liquid cash to put down and reserves, net worth, equity positions with other property?

As far as my understanding from what you posted, I don't see what is the asking price by the owner (unless they are waiting for you to make an offer).You really have to make sure that you have enough profit margin/reserves in order to make it worthwhile for yourself while being more attractive than all cash offer.In regards to owner financing by yourself, you need to make sure you offer better rates than hard money lender, which you are with 8%, you can even go a bit higher.Your bullet points are good to convince the owner to go with owner financing, just make sure the finance is not too tight on your end to make a profit

You will do yourself a huge disservice, if you don't factor in reserves for normal maintenance & repairs, CapEx and vacancy.You don't have to give an exact address, but what general area is the property in?

My biggest reservation is that the building it out of state. 

I would love to start investing in 2018 once I have built up my reserves.

Meaning, will that subject to mortgage affect my reserves requirements because a lease option does not.And please any other thoughts on this deal would be helpful!

Always make sure to have some money on reserves / rainy day fund.If you have debt review what interest rate it is charging you vs what you could invest the money in for a return.

But you should be prepared to pay them yourself.You should also have a reserve for emergencies during the first year!