While a duplex may be more ideal for a property manager and cash flow, there’s also twice as many things that can go wrong with the property.

Buy a home- ideally a duplex or triplex, the more units the better.

I would agree if you are funding a vacation but if what you are doing is making a change from one type of investment to another to improve your income, make the best decision based on the numbers.  

The level of risk you face with a lease option depends in large part to the type of lease option you are doing. 

Ideally, I would like to borrow the purchase price and renovation cost so I can refinance out asap into a long-term traditional product.

What type of investment properties and strategies are you interested in?

All that "cash flow on paper" is an ideal scenario.

What made you interested in investing in this type of deal?

Many of the tax professionals on this forum are not "cheap" but can make a good fee for fixing situations where investors relied on poor advice from cheap advisors.My conclusion is to interview a few and go with a professional that you feel comfortable with no only their fee, but also their personality, their experience, their reputation, and their willingness to not only advise you as you start your journey but provide education and planning for what type of investor you want to be. 

Its not ideal but it can stem the bleeding in your bank account.