Additionally, working with a local real estate agent or property manager who understands the market can provide valuable insights and help you make informed decisions.

How does the local property tax indentity determine property type and value?

I like to use local lenders because they will know the rental market and local agents will know the lender can get the financing done making your offer slightly stronger over using a national lender. 

In any event, it sounds like a good price, assuming that the compliance is in order and that nothing is being left on the table.

They require a lot of capitol as well as cooperation from the local city and/or county. 

The real trick is that tax investing is really local to your market. 

Do not call it a down payment if you are using it to do an option.Since he is subject to the requirements of the lease, you are required to fulfill all local requirements of a landlord.

You should speak to a few local lenders and see if they have a product that might work for you.

Yes, it is helpful to generally understand the pm space and workings, but the more important skill, to learn first, would be how to find, vet, and hire a good local property manager.

Check your local and state regulations regarding this business model.