Hi @Sarah Godil - I don't know your market, but typically I've found that the best advice is just to sit tight in your position.

I prefer to target specific properties, typically vacants, and track down a phone number. 

Plus, a lot of firms are taking a stance against dual agency and "encouraging" their brokers to refer the other side to a colleague, for a referral fee (this is what we typically do up here in Bellingham).  

Thus, you'd be conserving most of your capital, as well as essentially be living for free.

It is raw land, and is essentially part of the back yard of another house.

You typically get a or b class tenant who want to live in a charming neighborhood.

A bit more details: Ronald, if "cash on cash" refers to this essentially being a play for ROI on capital, then yes, you are right.

Essentially that one person is in charge of your property and income.

It can be as little as $1 or a really substantial amount - typically a similar amount as earnest money.With an option you know that you will be able to buy the property as agreed and the seller doesnt have to worry about finding another buyer, as they have collected an option fee you would not want to loose.

-Typically these properties require a lot of capex at the end of their compliance periods.