As @Jay Hinrichs  is pointing out, CHEAP pricing, especially compared to where you live is nothing more than a shiny object that gets investors in trouble.  

My objective was to pitch a lease option deal (which is why I posted in this forum) that would allow me to put down a minimum amount of option money to reserve the right to purchase the house in say, 2-3 years.  

I think I will sit out on this one since rental being my primary objective doesnt seem to be that great. 

We've always wanted to add REI to our portfolio (for returns, diversification and entrepreneurial pursuits).We have specific objectives:1.

Work the numbers against your objective and Good Luck.

Put too many irons in the fire and stray from core principles and that's when problems can happen.Have to stay objective and stay the course regardless of it you have 100,000, 1 million, or 100 million.

The light rehab the cost $5-$10,000 is a good win win on the JV agreement as long as your profit is certain.Do the math on a 70% ARV on a $5000 rehab that if resold is in the 150 range the seller only gets about 50% of appraised value whereas they can net a lot more money if you help them rehab the property and so on the JV with a modest $10,000 profit.This thinking can be taken toward probate properties where the kitchen and bathrooms need remodeling but everything else is sound with the foundation the roof HVAC etc. just updating the cosmetics and reselling quickly at a competitive price could help perhaps some probate houses that have that grandma look to them that need updating in order to get top dollar.If you're an agent and you can be a light rehab specialists you could let the world know that people don't need money to improve their properties if they jv with you and then you can get a commission plus a modest JV feet of let's say $5000 and make more money and solve peoples problems.

RE valuations are not just arrived at by subjective analysis as there are objective functions or implications that effect value.Picture a large neighborhood, say in about a 100 acre area.

Simultaneously negotiate a mortgage with one of our lenders with the objective of having it in-place by Close.A couple of times we've had to close with our own cash and then get the mortgage in-place.  

The best advice, as @Ali Boone  mentions above is consulting cross border tax and legal specialists who also have a good understanding of US real estate laws and taxation.