It is an open concept bachelor. 

I've been reading a lot about it to understand the concepts, the risks etc.  

I'm the kind of person that loathes the idea of Cash for Keys though I understand the concept. 

Hey everyone,I'll get right to it...I have never done a lease option deal before, but have a fairly good understanding of the general concept.

I'm wavering between a parking spot vs. the concept of an addition.  

Let's run a $500k scenario both extremes, 3.5% down FHA and 20% down conventional.These are CA numbers for things like prop taxes, but the concept should carry over identically.Let's pretend yours is a market where sellers do not frown on 3.5% down FHA, and let's pretend closing costs and/or what you can negotiate with the seller are identical and can thus be ignored.20% down: $100k down, PITI $2600/month.3.5% down FHA: $17,500 down, PITI $3400/month.FHA is $800/month more, but you got to keep $82,500 in your pocket.The FHA scenario where you pay $800/month to keep $82,500 in your pocket is mathematically very close to the following:3.5% down, first mortgage 80% LTV, 2nd mortgage for 16.5% ($82,500) hard money at a rate of 11.6%, interest only.

Also, is there a quick way to determine if a wall is load bearing or could be removed for an open concept? 

Read all you can on it.Study this concept....It may be an hour or two of reading on BP (the best CapEx site online in my view) but worth the time...Best of luck.

Decima is now signed on....He was fixxin houses when I was in diapers and his Investing in Fixxer Uppers was a book I pulled from a bookstore shelf back in 2003-2004 and it got me interested in real estate...Very excited to welcome him here...enjoying his new The Real Estate Fisherman a lot, a neat strategy book aimed at a "colony concept" and I will be doing a full review when I wrap up on my blog...Welcome aboard Jay...

I would love recommendations for banks or brokers in the Charlotte market who understand the BRRRR concept, can analyze a balance sheet, and would welcome the opportunity to work with an investor with great credit/reserves looking to build a long term relationship.