Let me provide some context to help you understand my situation.My GoalMy ultimate goal has always been to generate passive income through rental properties. 

Back then, prices were much better, and turnkey marketers could make a decent fee.As prices increased, many turnkey providers had to move to less desirable areas (I know people are always looking blame other people but in reality blame it on yourself for being the investors that picked bad areas and did not do due-diligence and buy assets where the numbers worked with 10-20% economic vacancy), and now that gap has essentially disappeared.

They will like that you have the 30% to put down as well as any lenders on here (and they are here as well).

I don't remember the exact term, but there is a category of insurance providers...

If your rents are strong and the Loan Officer calculated your rental income well, you should not have an issue qualifying for a HELOC on a primary. 

The option contract defines a "consideration" (money) paid to owner for the buyer's right to purchase per the terms of all the 9 items in the link I provided, including #7, the length of option time period. 

Hey Jeff, the area is filled with homes 500-800 sqft and obviously bigger as well.

@Peter, @Bill B.laid out the gain calculations very well. 

Please provide me your reference for a accountant.

This would avoid dealing with traditional lenders altogether.Partnership: Consider bringing in a partner who can provide the $140K in exchange for a share of the rental income or future appreciation.Cash-Out Refinance: If you have another property, you might be able to do a cash-out refinance to pull out the necessary funds.Best of luck!