There are several approaches to doing lease options, and consequently, many variables... so it would be prudent to do so to 'maximize' the exposure, pre- screen the largest number of applicants, increase the likelihood of 'closure' (selling the property) with the tenant buyer(s) and structuring the deal, to optimize your ROI.

I too one day aspire to have a self sustaining business covering all aspects of my investing.

I offered $50k and asked them to cover my closing costs. 

(A gross lease and with some utilities covered).Thank you for your time and advice!

Access to Yes-MLS which covers 36 counties and in 3 states!!

After doing a little more research I found that there is only one and it covers mostly in another area.

I do not know how beneficial it might be to you but you might consider reviewing your entire project and see if there isn't somewhere you can shave off $500,00 worth to cover the cost of having a contractor buy the permits.

It would take a 4.5% ROI just to cover your admin costs and break even.You could look at simply opening a self-directed IRA with a low fee custodian like IRA Services Trust Co in the Bay Area or Kingdom Trust Co in KY. 

On the flip side, students can sometimes cause more damage than your average renter, so make sure you're asking for a deposit that will cover you if they destroy the place and always make sure you require renters insurance.

Need to know how to draft a wholesale contract and what to include in it to cover my back.