The nice part of having a real estate license is that you can collect commission income  from everyone who is ready willing and able to sell their home.

This is what I envision:Step 1: Find Property worth buyingStep 2: get financing for said project and do rehab to create equity ( 3 year term)Step 3: Find tenants that want to do a "rent to own" situation on a 2 year lease termStep 4: screen tenants and collect "money down/option payment" (somewhere in the realm of $5,000 and negotiate purchase price and get contract signed.Step 5: Hold the note for the 2 years and collect rent payments until tenant is ready to exercise, if they don't then sell the property for the appreciated value straight up and collect the equity.does this sound like a valid strategy, and if so can anyone provide me any insights into any potential pitfalls?  

For example, suppose some new/potential investor has a question about buying a duplex and collecting rent. 

You collect your rent until then, then it's sold.

With an equity partnership we would traditionally structure it with three fee components.Acquisition fee- for your work upfront (1-3% of total deal paid to you closing)Asset Mngmt fee- for your day to day work. (1-2% of gross rents collected paid to you monthly)Cash flow- split to you and the investor. 

In addition to the one year of rental history noted above the bank will only count 75% of your collected rents.

Apologies folks: here is the updated link to my Lease purchase collection of articles book: https://www.dropbox.com/s/dceipdxh4wd145w/%231%20N...

Now, I am considering using my servicer, FCI, to pursue collection on the note because I am not sure what I can do to get any closer to a deal.Please correct me if I am wrong in assuming I am out of options!  

Though I don't intend to renovate this extensively going forward, I'm glad that I did.  

You are taxable at the time the money is collected ... but only to the extent the income exceeds the expenses.