I'm sure it's been a challenge straight out of college to assemble enough for a reasonable down payment in Denver Metro.

Sounds like it's fairly straight forward to document this

You'll have enough stories to listen for a month straight!

The code officers said that they have suggested this to multiple other people who have went through with it and it is a fairly straight forward process (Although I have no idea).

Down the road you could always convert the HELOC to straight investor mortgage.

On top of that, the center of the ceiling has a big hole that has been badly covered up, which makes the ceiling come together at a curved angle on one side and a straight angle on the other.

Some potential tenants are not very self-aware or they don't think that having pictures of them straight up smoking weed will be an issue.  

Then yes the option fee is your payment.Take the focus off the fee and run the numbers for the seller on a straight sale vs a LO.

I’d be careful of doing the work yourself because if the bank still thinks the contractor is doing the work, and he/she submits request for release of funds, the money goes straight to the contractor and not to you.  

That’s my issue with the strategy - it only makes sense as compared to straight up renting the place out if you’re banking on collecting lease option fees from people who aren’t qualified to buy.