I'm trying to work out the negatives in my head.

Did any of those new banks work out for you using JScott's link Bryan?

dale, i tried this method once, and it didn't work out for me in the lower income areas..turns out some tenants (read most) just don't plan out how they spend money or budget for anything...i charged 450, but if they paid by the 3rd it was 400...it was almost too much of a hassle trying to explain to them...they're used to the 'pay on the 1, late on the 5, 10 dollars a day'..whatever applies in texas for you i guess...maybe a higher tenant class would understand this reward for paying on time, but i dont' really invest in those areas.

Again, as I said, test out a sample and work out all the scenarios using real pricing and you will see the issues.

Loan modifications rarely work out.

For example, if they give you $80,000 for the deal and your numbers don't work out when you sell the deal, and you'd promised them $8000, ?

Never done one & I am curious to see how it will work out with the HOA....I think that might be a hurdle.

I really appreciate the advice.In this situation, do you feel like the option contract is a good way to go if the numbers work out?

Start here and if these do not work out I will get whatever info you need on these other lenders...

The whole Public "option" thing doesn't really work out in the benign way that they say it will.