Plus I have to pay taxes on the flip money so it doesn't usually equate to enough to buy a rental straight up.

Dodd Frank may be a factor, straight lease and pure option no rent credits, no Dodd Frank.1d. buy retail w bank financing - need down payment and job, theres a max you can do unless you get a portfolio lender1e. private lender financing, they are bank, you buy it and pay PITI; Private lenders want medium term, so 2 - 5 years, exit to a refi or lease option tenant.1f. jv financing - their credit and money, you do work, you split net profit; the challenge here is you need a track record, you are un supervised, and responsible for EVERYTHING: acquisition, builders hiring and supervision, realtor, etc.

Any advice out there on keeping the books straight!?

I am a Civil Engineer as well and I specialize in underground utilities but I also worked in land development straight out of college.

Straight LO's - you're good as long as you know what your're doing, John does...LO Assignments - you're very good as long as you know what you're doing, which John is the Texas Expert at....

What im tryin to come up with is a professional straight forward package i can send cash buyers threw email.

Lease Option Articles http://www.biggerpockets.com/articles/category/lease-options Sub2 is a way to buy without a bank too and resell, rent or rent to own http://www.biggerpockets.com/forums/12/topics/93968-building-a-rental-portfolio-with-subject-to-lease-optionsSandwiches are risky, lots of pitfalls.Lease option assignments are easier, less risk, still need to be careful.Re: Dodd Frank, use a lease and a straight option without rent credits.Re taxation, the IRS could consider the lease option a disguised installment sale if certain aspects of the lease option were omitted or not performed.To avoid a re charachterization of the lease option,1.

Surely in Cleveland, you can find something more straight forward (albeit smaller) to get your feet wet on?

I think I have been on BP for about 3 hours straight now.

As an aside, if you are going to do a wholesale deal, you write it up as a "sale and purchase agreement" or a "straight option".