As I do so, and attempt to crunch numbers and look at listings for practice and to get a sense for the market, I'm running into some walls in my theoretical business plan.I will have the resources in the next few years or so to get a conventional mortgage on maybe 4 single family homes that are worth about $200,000 each, standard 20% down.

dont even attempt it. 

I studied Wholesaling for months before actually attempting it.

In Mr's new plan, his attorney attempts to drag the 2nd out over 5 years.  

After spending 35 years in the brokerage industry ( stocks and bonds)  I am attempting to add rental property to my portfolio for diversification purposes.

Before I attempt to give you my mediocre advice...

But, if you want to learn by not putting in the upfront effort and then just sending me deals with numbers that are ridiculous, I'm not going to be very motivated to continue looking at deals from you.Basically, you need to prove to me that you're willing to put in time and effort, so that you can TRY to avoid wasting my time and effort (even if you aren't successful on the first couple attempts :-).

Lease options are considered loans if the renter/borrower” is attempting to build equity in their primary residence.

The number is almost irrelevant as it attempts to create one particular view on how to price mortgages but savvy lenders can use it to lure unsuspecting borrowers to a "lower APR," that may end up yielding the borrower a higher overall cost of funds.It all depends on your time you'll be holding your note or property, closing costs, and opportunity costs in your given situation that will ultimately determine which type of product or strategy will yield the lowest after tax cost of funds.

I am not attempting to create any gimmicks or tricks but want to do it quickly with limited disturbance to the tenant or my schedule with having to do numerous showings.