Instead of being valued compared to comps you be valued on NOI/CaP rate for the area.

What are the pros and cons of such deal versus a comparably sized and located investment in a classic multi family (...where you own the building and land directly).Any resources you guys have that I can educate myself on?

You can check Trulia, Zillow, Rentler and other sites to compare your house with rental homes in the area.  

From a psychological standpoint, I think it's easier to take a little increase every year compared to staying flat for a long time and then a big jump to try to catch back up to market, even if you end up paying less overall with the second option. 

I heard GRM is good metric to use and comparing sales to other duplexes that sold in that area.

I'm interested in hearing from experienced investors who are in position to compare different methods of passive investing. 

Here is my breakdown:Surrey townhouse increased 22% (Almost double what I purchased it for in 2010)Sechelt house increased 10%Nanaimo house 1 (desirable area) increased 7%Nanaimo house 2 (less desirable area compared to #1) increased 12%Campbell River house increased 10%My investment portfolio assessed value went up approx. $220,000.My primary residence (Richmond) went up 13%, over $160,000.

What are the rents of a condo in your community vs comparable apartments in the area? 

The first, when I informed him it was priced $75,000 over market value based on the comparables, he said 'Since its a lease option, someone will accept it.

You have much more leverage and control with month to month compared to a term lease.