You, on the other hand, are not regulated by the Association of Realtors and you can write your own contracts.

Hey Brian,  I had a look at the NAR and HSH sites you linked here, and as I would prefer targeting middle to higher income people, couples and families initially (to see how that works, vs. dealing with lower income earners, and government 'subsidized' people) what programs would you suggest, or do you know of a good REI 'friendly' mortgage lender(s) rep or principal in California (NorCal, perhaps?)

There are even government agencies that will prosecute complaints against you on behalf of the optionee.Protect yourself.  

Regulating noise, garbage collection, colors that can be used for homes in the area, rules around parking, rules for landscaping, and allows for a process for dealing with problem neighbors.

You would need to contact your city/county to find out what the regulations are--they may require inspections, etc. 

The only way tenants can disagree with a rent increase in non regulated states is to move. 

That is what drives rents and prices, either with or without rent control ... the free market supply and demand is what drives things in the long haul one way or another, though regulations may distort the market in the short run.

That will teach you about the regulations but it won't teach you about being a good lender.  

With 20/20 hindsight regulators and plaintiff's attorneys paint targets on these individuals through rescission rights or other legal techniques-They train sponsors to source money through other active investors which inevitably leads to squabbling and a loss of control.  

(now...don't go leaking my secret government plan.