The owners family is willing to do a lease option....I need some advice, other than the generic beware of HOA, fees, etc.

Do I need a contract specific to New York or will a generic contract work?

I did the same and switched from a generic letter to professional letterhead.

The reason for my interest is that my ultimate goal is to acquire and manage a large number of rental properties, and i figure that managing some third party investments could be a good source of cash flow to supplement rental income.My question is - What types of licensing is required to operate a PM company in Louisiana? 

Let's set the tone straight; most people don't get into the rental business because they like to manage problematic tenants, deal with leaky toilets or attend eviction hearings.Most people follow traditional investment strategies, that are taught to be passive, but that in reality are far from passive for the great majority of investors.At the very core, most people begin in therental business because they believe in the fundamentals of investing and desire to create some level of freedom and passive income to supplement their current income, and at the same time would like to have some sort of control over their investment.There is nothing wrong with this, and i certainly wouldn’t want to discourage anyone from buying rental houses, if that’s what you really want to do.

If the author stashes the cash in a CD earning an inflation-adjusted 0% each year, then the reserves will be exhausted at some point well before year 30, which is fine because cash flow from the properties is meant to supplement the reserves in the long-run.

Cut paste, rearrange and make the lease what you want. or go to office supply and get a generic one. really it's best to have your lease and paperwork ready before you market your rental. and addendum's for crime free/ drug free,. lead, pet, security deposit should really be first priority to have set. 

Family community - create happy children rooms, girl, boy, with small toys in the corner, and a few generic family pictures.

Zillow is generic ballpark, but won't typically take into consideration the freeway next door or the golf course across the Street, or any views.

However, these are usually very generic websites with very generic capabilities.When you need specific capabilities built into your website, it's best to hire a professional.