In addition to being the property manager (if you take that role) you would be the manager of the business. 

Physical acts must show that the possessor is exercising the dominion over the land that an average owner ofsimilar property would exercise.

With an option fee of (3%) $3450. 1/3 going to seller.Should the buyer exercise at the 2year mark. 115k-3450=111550 loan amount.My debt service for 2 years and 1/3 option fee would decrease the purchase price from $110k to 101530The difference between 111550 and 101530 is $10,020 profit to me plus $2300 option fee received, and 2years of cash flow $7030, total profit $19,350.First, am I leaving anything out to realize this expected profit?

NQSOs, once vested, allow you to exercise the option at the exercise price.

I'm a 4th generation contractor and I still play a small hands-on role in every project we turn.  

You will also need to analyse GRM and CAP rates for other similar properties in the area which have sold recently {If your Father owns similar properties, you should be able to get some insight into the typical operating costs} to see what price is being paid for cash-flows.The exercise will be educational for you, but in the end, the current ask price is too great for the cash-flow you would be securing.  

Someone can have no control and just flail their arms everywhere, wear themselves out, and have limited to no impact simply because they do not have targeted control and laser focus on the objective.Conversely a few well placed strikes with proper technique in a matter of seconds will render the attacker down with the least amount of energy spent.We had an exercise over 10 years ago when I was first licensed.

If not, you'll want to be VERY specific about their role and level of involvement. 

@Herman Ryals A great exercise, IMO, is to 'favorite' houses you like and don't like in an area that you think would be great investments.  

In another thread I saw the following written: Generally, if you buy a junior lien, you want to make sure there is enough equity in the property to cover the 1st lienholder, that way, if the property sells, it now has...