If you are investing in a tenant friendly district you need to understand that your courts mandate is to not evict tenants.Landlords must accept the fact that they are never going to change policy and are wasting their time chasing windmills if they think otherwise.

There are different kinds of options, the option detailed above is a "European Option" (has nothing to do with Europe) where the right to purchase becomes effective over a short period or on a date in the future.

I had everything all set, but the investors I was working with were just too slow to move and I wasted so much time on some fantastic deals.

I don't really want to risk the due on sales clause resulting from a subject-to transfer, and getting a hard money loan to buy the house outright seems like a waste if i can instead setup some type of joint venture. 

Make sure you have their cell phone numbers as texting deals out is more effective then emailing them out.

But maybe it would work if I did, or maybe it would be a huge waste of time.

Also check existing leases for effective rent.Seller can claim 950 a unit but gave first months rent free.

Talking is a waste of your energy.

The slight extra they are allowed to hold is to cover annual tax and insurance increases that they can't effectively predict and budget until that year's payments go out which is too late to collect them. 

Most effective means to advertise and generate leads will take some money.