Obtain estimates for planned renovations and confirm if the allocated budget is sufficient.

**Find Your Local Public Housing Agency (PHA)** - Each area in Michigan has a local PHA that administers Section 8 vouchers.

However, an option holder won’t be able to stop a private sale from occurring (unless they find out about it before hand and obtain an injunction); the option holder would most likely need to initiate legal action after the fact. 

Space & Rocket Center museum, over 60 public parks and the Von Braun Center entertainment complex, making it a fun and lively spot to raiseRead Full Story - HERE

Will I be stuck with a home in which I will need to obtain permits for this past work ?

Property taxes are public record and insurance would be specific to you, so you can kill a lot of those questions. 

During my journey to obtaining my degree in real estate financing, I have found that single family homes cause a great financial burned if the tenant decides not to pay their rent.

You are responsible for obtaining your own casualty and liability insurance. 

It’s far more difficult to form the HOA, obtain the approvals and new tax ID’s than it is to extinguish the existing one and would advise against it. 

But beyond that, your question is so broad, no one can give you advice, other than: go buy a property, or a share in a public REIT.