I had always wanted to work in real estate and saw the potential in this deal.

C+ to B+ buildings with value add potential. 

Another question, what percentage of potential buyers end up exicuiting the purchase option by the end of the term?

And then you add PM on top of that.. that can't work.We still see feasible deals, like a duplex for 300k renting 2 x 1250 with the potential for more.

I was looking for a single family residence for me to potentially start a family in one day.

They way things are communicated or how they are executed can have disastrous outcomes. 

Wondering what, if anything, I could do to spruce up the place to make it more attractive to a potential tenant OR if there are ideas of what I could personally do to it that would create some nice cash flow for me (co-working spaces, etc.).

What is the potential scenario looking like ? 

Additionally, there will be a 20% annual increase in taxes every year until 2029, at which point they are expected to stabilize at their maximum rate.What would the "full potential" tax amount be in 2029?

DSCR Loans are going to be standalone 1st liens too (in addition to can't be used on a primary) - you should look into a HELOC or closed end second potentially