As soon as they see a coupon style postcard, into the trash it goes.

Now the partnership side is a bit different you will want to identify what kind of investment you want whether active or passive and then find the suitable partner for that area, then you will want to JV with them and set expectations for all things until end of JV or if you are investing in a syndication they should walk you through the process. .just be careful to partner with respectable and accountable syndicators that have their OWN money in the deals.

However, there might be some good local lenders in the area of your property that might provide an alternative "rehab" style of loan that might be an alternative to HML. 

You could repeat that over the 2 year period almost as fast as you can find suitable properties.Then after maybe a year or so you can refi again at 75% LTV if the ARV and rents are high enough to support it (and you don't mind paying closing costs again), possibly even pulling out created cash profit.

You may also have to renovate to make the properties suitable for office, retail, etc.

I'm considering using landscape style uplighting around the perimeter, or, since the roof is being re-decked anyway, having some soffit lights installed. 

@Rudi D'escalarre I can't see the L.A. market being suitable to a Lease to Own program due to property values.

The property is a duplex with 2 bedrooms 1 bathroom on the first floor and 3 beds 2 baths on the second and third townhouse style. 

Same style home, age of home, bedrooms, baths, crawl or basement (finished and/or unfinished), garage  updated improvements (kitchens/baths) etc.  

I preferred a ranch style with brick siding for easier maintenance.