Everyone sees the raise but not everyone sees the fall coming.

@Kevin Coleman Check with your local laws first, but sometimes it falls under repair which doesn't need a contractor or handyman license.

(because the bank worked out a solution for them such as a loan modification or payment plan) ...it does build rapport between myself and the homeowner and I stay in contact incase they fall into a similar situation or know of a friend who may be interesting in selling their property. 

If he's smart, he'll know that about 80% of lease-options fall apart and would be a waste of time unless structured so the buyer (that's you) is heavily penalized for failing to follow through.

The longer terms will cause you to rank more favorably in searches that fall outside of the standard search of "single family homes".

This falls under sec 121.  

@Anthony Christopher Welcome to BP.Everything you need to get started is right here:http://www.biggerpockets.com/real-estate-investingStay active and keep learning, everything else will fall into place if you want it to. 

In other words it is  wise to have a cushion to fall back on so that you are not strapped for unexpected expenses or misjudgements on expenses. 

Don't fall for the advice that you just need to jump in and learn as you go.  

By doing it yourself, you are much closer to mastery (I think the final test of mastery is teaching someone else) and I think falls somewhere in line with the the old "catch a man a fish..." lesson.