Ideally, we would like to avoid needing to go in physically to each bank to save time in the process.3) Credit Impact - I read somewhere that applying many different places for financing, then not using them can impact your credit score.

Yes, it is a bit more of a hassle to have to physically show up, but for me, I feel I will be 10x more successful if I negotiate in-person.

The tenant may be a bad apple (rotten to the core) or may have just dropped off from a different kind of tree and is exercising some free spirit on a loose rein!

@Daniel Lipetzky@Matt Reed knows lease options and rehabs.Warning - Just because you CAN buy it on sub2 does not mean you SHOULD.You deal is too skinny for sub2.PITI vs Rent is less than 200.You may think you have 20K in equity but the costs to sell are 10% of 130K = 13K with commissions, closing costs, sellers concessions, etc.Look at a lease option assignment $850 rent - $130K option exercise price and flip it for $5000 in 10 hours.

I get paid when I sell the option (make sure it is a separate document).I get paid monthly (cash flow) from the rental payment.I get paid when the buyer exercises the option.  

There are all kinds of scientific (i.e. physics) reasons why this occurs. 

If you know for certain the property, or at least the physical house, would not see water during a 100 year storm, you could have a survey done as part of the inspection to confirm the elevations throughout the property.  

If you're the "ready, fire, aim" type then it's good you've exercised caution thus far.

If their lease has expired and they seem to still have their stuff in the house, then you will need to get a "Writ of Restitution from the court in order to have them (the tenants) be physically removed from your property and legally evicted. 

Essentially you buy a 2-4 unit property, eliminate your rent payment and live for free.Investing in Real Estate does not always involve buying physical property.