Regular price is $497.00, but sale price is $47.00.

For the duration of the lease-option the property stays in the sellers name, so it should not trigger a "due on sale" for the mortgage, until the option is exercised. 

What are some ways I could acquire this property?

A 1031 exchange would be used to sell an existing property you own and buy one (or more) replacement properties without paying the capital gains tax on your sale.  

New investor question here:I have found a short sale that, after running the numbers, appears to be a good deal.

I'm about to list my Chicago parking spot for sale.  

Hi Darrell, There are going to be many routes and options with you acquiring your new property, Congrats!  

Meaning a promissory note alone wont matter when title runs a search on the property during the time of sale.

Being a commissioned sales person myself, I understand there is a certain amount of time that you must invest in someone to build the relationship before you can really claim them as a client and claim ownership of that person amongst my peers at my store.

The requirements of the 1031 are that, in order to defer all tax, you must purchase at least as much as you sell (net sales price before mortgage payoff).