Felt that Tacoma would be best bet for SFR in low 100s range.

It's all about the guarantor on the lease, experience in that chosen industry, a track record of success, liquidity and net worth of the guarantor, and how easily attachable the assets are if something goes wrong.For instance I would never front money for tenant improvements on a business that is not a proven performer.

Past performance is no guarantee of future performance, nor a good indicator of what the property is worth.

The option can {many would say, should} contain the future Agreement of Purchase and Sale (APS), with all the terms and conditions of the future sale, laid out, as a Schedule to the Option agreement/contract.In exchange for the right to purchase the property at the {strike} price established by the option contract, an option fee is paid by the purchaser of the option to the writer/provider of the option.I would keep the two agreements separate (as if they are with two different people) and have no performance ties between them (i.e. no rent credits, no financing of the down payment, etc).  

At a minimum the listing agent is performing unethically by putting this on the MLS.

Best bet in this situation is show how you can add value and capitalize on it so that you can gain experience....

Your best bet is to have cash saved up and find a small bank that is willing to take a chance on you starting out.

I'm sure the good deals get scooped up quickly- what is my best bet to find one?

Last year I started my own investment company with the goal of buying residential and commercial real estate through non-performing notes to build a portfolio of short and long term investments. 

PLLC is an option for anyone who has a license to perform a service (lawyers, real estate agents, ect.)