I think I have got enough knowledge and capital to buy my first SFH or duplex rental property, but my wife thinks buying rental properties is gambling.

That is exactly what I see, buying condos from a wholeseller seems like a real gamble.

Investors Wanted To Believe though.....I saw people pay $50k Over the HOA judgments on that gamble......a nice surprise for the homeowner who hadn’t paid his mtg for 6 years......not so good for the buyers.

Otherwise you will be gambling. 

PA is a bit difficult or has more "rules" on lease options which also might be why the agent/lender involved are not thrilled about it -  what about a contract for deed or wrap mortgage on their existing mortgage for 9 months ?  

For me anyone with a fico below 560 is probably a life long deadbeat, and anyone with no credit file, probably is also a dead beat, but they could have no credit for many reasons other than their lack of credit worthiness, so I assign 25 gamble points to the no credit renter and treat them as equivalent to a 585 fico.

That said, in many circumstances it might help. it's a gamble at best imoI also assume this is for a retail primary home, if it's for an investment house then I really hate this idea.

I gambled on the cheap solution and lost.

If I give a free month as incentive I am guaranteed the lose of $3500, if I take the gamble and not collect the deposit, I’m hedging my bet that the tenant wont trash the place, and therefore less likely to lose $3500 bucks. 

I took the gamble and got it 101k and made it work for me.