Info I received;3bed 1.5 bath744 square feet - 1 acre of landBlock home built in 1938Minor repairs(I'll take pics upon viewing) but has all new windows and roof is 9 years old.Motivated to sell because of relocating and can't afford double payments.

Is this a common practice and if so does anyone have a sample contract I could view?

You should do a search and read the actual text for yourself, but I'll sum up.Assuming a tenant otherwise passes your screening, you can not deny them based on a disability (or their need for specific improvements for that disability).

Most of what you heard above is accurate from my point of view.

You have to get the process started within 90 days for cash purchase.For the conforming loans, delayed financing is viewed as cash-out by Fannie/Freddie.If the ARV is expected to be close to the appraised/purchase, then you might consider doing the purchase with a loan.Upen Patel, Mortgage BankerFederal NMLS# 1374243

I believe ‘5907 Allison Rd' has the best potential out of the 3.Below are the 3 deals I looked at and based on my cash flow calculation, '12135 Troulon Dr' unit would be a better deal than ‘5907 Allison Rd’ but from an investor's point of view, should I consider other points?

Wanted to be able to do my own deals, have more knowledge of the process of buying and selling and access to properties (MLS, viewing).

How is the option money viewed by IRS.  

You have to screen very well to get decent tenants and make sure they meet income requirements.Demand for rentals is very high right now.

Tred carefully, and don't let greed skew your view.