Thank you David Beard I read you very detailed response and I am formulating a plan to execute.

Figure out in detail what it would cost to purchase, manage and return a profit.

If you really want to read more on the topic, there are TONS of other threads on here that explain it better and discuss it in more detail.

There are so many details that I didnt include on here, because when its all said and done, it's just stupid drama.End story is that we had a sit down with the girlfriend this weekend (who is also on the lease but moved out after a week!)

Before going in, just be sure to have your figures and know the market values in the area as well as having a detailed exit strategy.

Let a professional handle the details, collect your rent, pay the mortgage and sell when prices come back.

I did a post here somewhere about "how the numbers on a lease option work" and it goes in to pretty good detail of how it all comes together.

Many GCs I know would be happy to do a walk-through and put together a basic estimate for $50-75.You should also get to the point where you can do basic estimating yourself, to save yourself the time and expense.

I always felt a little strange pulling it out to swap contact details in front of tenants who had the latest iPhone.All of my tenants have flashy big screen HD TVs.

Moreover, they have detailed knowledge and experience on the area, its history, the demographics, the people that influence future growth, and so much more.