No effect. 

What are some other lesser know yet effective methods or capturing leads before they go to the MLS/auction?  

GC's that fail on large projects don't do much to change the crappy reputation that GC's  sometimes have, and failure of big projects can have blighting effects on an entire community. 

The option is in effect only as long as the lease is performing.  

Yes, servicing is a cost of business and effects the ROI, the discounts I usually work at, $15.00 won't break my return.......it's all relevant.But, if you collect on a small note, I suggest you let an attorney tackle notices of default or hints to modifications......if all goes well you should have no issue.While you can hold a note long term, I'd rather see them pay it off as quickly as possible which increases your ROI and gets you ready for the next deal with money in hand.

Once we get a little more input we can select something.

Even if I select an area I'm familiar with, I think I'll need to be there to be comfortable buying.

Under Section 7, B select option (2).  

Advice needed on how to go about the process more effectively. 

Corporate CRE gigs can be very selective and the network of USC, if California is where you want to be, is tough to beat.