Real e­state investing can be an amazing option for he­althcare workers like yourse­lf.

But I could not exercise my Option for the 1st 2 years and they had the right to buy my Option back in that same time period. 

The deals are a package and splitting them is not an option.

Conventional financing requires a minimum of 12 months seasoning, but you do have other options.

Were the railings solid and secure?

Find a financially secure bank.  

Ask to see a copy of the lease and look for the length of lease, current rent amount, tenant obligations like paying for utilities and adhering to house rules and look for Landlord obligations like things the landlord may currently being paying for (like trash and water)Make sure to have an assignment of the lease and clear language on the security deposit WITH interest shall be transferred to the new owner at settlement.Consider tenant quality - what’s their payment history looked like, obtain rent receipts or bank statements from the seller to review on-time payment history.

I also like the battery powered lock boxes with a hard key option (just in case)

Definitely a few more options to consider; like refi-ing and getting your cash out regardless. 

If on the other hand you do them to save money then maybe take a closer look at your options.