These options could get you much higher returns with none of the headache.

You need to identify your starting point to determine your options.  

If they don't - then it's optional.  

Either way, I'm glad it's being more recognized as a good housing option. 

Extra Points for Oklahoma Market

I plan to short term it when I'm not living in it so I designed it with an additional vertical guest bed to the right of the living room and with extra dresser space in the bedroom in case of long term tenants.

Most tax software has an option to specify that rental income is non-passive, and that's how you do it.

I might do a deal where I purchased the property and provided the “buyer” worth an option to buy for the period of the loan with monthly rent” payments equal to the interest payments on the would be note.  

However, those two options are too pricey for me.

The art is to increase the rent without running off GOOD tenants (very important, if the tenants aren't ideal tenants then non-renewing becomes the default option).