But I don't believe those risk apply to me because I plan be an owner occupant, I have a pretty good credit score (720)  and a combine income with my spouse of 70K (no children yet). 

The current owner or the new owner would have to evict them

I was offered a home by an owner that no longer wants the house.

The owner has kept poor records and gave me a fumbling handwritten description of rent paid and vacancies to pass on to the bank.

So here is the deal for the state.When the owner dies and wills the house to someone the will must go through probate.

The county tax records still list the original owner who no longer lives there.  

Then look in the county assessors website to find the owners. it should give their name and mailing address.

What if I LEASE a home with the option to buy, does that allow me to bring in a tenant who i can then give the option to rent-to-own, even if i'm not the Owner??

They aren't going to negotiate a discount on the mtg for you, as the new owner.  

If you rent will you have nothing to sell but you could have money if you are smart .The monies the homes owners spend on all of those upkeep costs and the interest rate paid back to the banks etc.