I have worked my life to get into a community service position and am far less satisfied with the limited help I can provide in my full time dream job than I ever thought when I was a kid dreaming of it.

Don’t be afraid one bit to speak with the bank your most familiar with to learn your position and buying power.

If that's the case, more power to you.

I wonder how the house will effect my lending limit on the multifamily.

I can sell it to him out-right and he can mortgage with 20% down but with my [limited] understanding of lease options I thought I might be able to approach him saying he could buy the option with 10% down and work out the other terms.As Brendon mentioned, it sounds like it might just be more hassle than it's worth and I don't want to put him off trying to force the L/O. 

If the owner is "incapacitated" you make the offer to the Power of Attorney.

One wonderful property I have that's forty minutes away from where I wake up every morning is at the outer limit of my 'zone.

As far as proof of funds, do you have a high credit card limit?  

Being a realtor has limitations as all transaction are regarded as regular income (add both side is SS and regular tax rate  25 percent, instead of long term capital gains15 percent) so for me it’s the difference of 23 percent taxes versus 46 percent.

Water and Power may or may not be on, and if its not you may or may not have to pay to have it turned on.