He had 200 units with zero debt.

Why is everyone ok with discounting escrow but have no problem paying crazy points to hard money lenders, full price owners policies, and 6%+ listings?

Seasoning, an important question that must be considered, whatever the policy the individual lender may have, make sure you receive this in writing. 4.

Right now, given the general improvement of Real Estate in the last 5 years, you could easily have someone with years of experience, a track record of success, but zero clue how to handle a down turn in the economy and no exit plan if things turn south.

Right after you close on a property you should get an insurance policy that protects you if there is a loss.  

If I lived in Indiana I'd be doing a ton of deals.Many parts of Indy experienced zero rent growth and effectively zero appreciation in the last 30 years.

She works from home on our business but technically has zero income, however we file our taxes jointly.

Your purchase price is not zero, but the sum total of all liens paid off at closing.

Right after you close on a property get an insurance policy that will protect you if there is a loss.  

@Nathan Weaver - I have zero experience in Lease Options, but about 8 years experience leasing and managing my own rental properties.