Do not call it a down payment if you are using it to do an option.Since he is subject to the requirements of the lease, you are required to fulfill all local requirements of a landlord.

You should speak to a few local lenders and see if they have a product that might work for you.

Yes, it is helpful to generally understand the pm space and workings, but the more important skill, to learn first, would be how to find, vet, and hire a good local property manager.

Check your local and state regulations regarding this business model.  

I looked out of state but eventually came to the conclusion after studying 4 markets in depth that staying local where I’m in control and have excellent systems in place just made more sense.

I love that it is local to me and can check in as needed.

The overall building condition is not terrible having been local offices of a well known national charity up until recently.   

Sounds like another example of RE being local.

If you don't have enough capital then getting a second job, seller financing, or looking in other less expensive local areas can help with that deal.

Hey Juan, I am a local out in Corona and we have meet ups usually throughout the year in Eastvale and Ontario all the time.