Please feel free to add in some questions I must ask myself and also any advice on what you would do if you were in my shoes.  

I have never borrowed from a HML, although I will later on this year.I, too, would love to borrow as much as possible, BUT I try to put myself in the HML's shoes...If I am a HML and someone with very limited or no flipping experience asks for 100% funding, I would not do it even if it were a smoking hot deal.

So, options do not tie up a property as they preach.Why not put it under contract for the time required subject to inspections and financing?

At this point, you wouldn't have much money tied up and you could probably pay off both properties in two more years. 

That's still pretty good though, as you end-up with a property that has positive cash flow and no money tied up in it.  

Because the house needs some updating, we are getting it for less than what comps are in the area.What worried us initially is the 20-year Solar City lease, with 2.9% annual payment increase escalatory, tied to the property.

That is, unless you're about to tell me that there is some compelling reason I should not.Some open questions I have, while I'm thinking about the fine points of the lease:If I were in their shoes, I'd sure as heck want a lock on my dorm room door.

I only have 11 left and frankly I am not a great landlord I am too busy with my other money making endouvers  IE building new homes developing subdivisions doing JV's with fix and flippers that the though of tying up 50k in debt or equity to make 200 a month has ZERO appeal to me personally... so that's kind of the two sides of the coin. 

If it went any higher the argument for renting would become even stronger.The opportunity cost of tying up all that cash, time & energy is almost never worth it.One of the only times it makes since to finance your primary residence is when you know you are buying a property substantially under market, and reselling it.

Its a great business if you dont mind tieing up your capital for a year or more with no income while you pay taxes on your land with the hope that the development is a success and you can sell your land for a premium.