However, the laundromat bares little resemblence to owning real estate.

I'd be worried about reading too much into that 1k rental amount though which appears to be what people are making these choices based on.I know in Florida there are many agents doing these types of arrangements though.

Rent to own" should be a lost phrase by RE investors, should be out of sight and mind to a homebuyer.There are tons of comments and threads on the issues of these old out dated arrangements.

With the use of buy sell agreements, indemnification arrangements, management agreements you can direct activities and end up with full control and ownership, map it out as to what you want to do and see your attorney is my suggestion. :)

I arrange to have another person with me for the inspection for my personal protection and to be a witness.

But by doing so, that particular PM -- under the current standard arrangements -- will not maximize his own income.Financial incentives are typically not aligned between owners and PMs...even when a PM does everything he's supposed to do, ethically and legally. 

I think this arrangement reduces risk - mold conditions can't exacerbate, it takes 3+ months to grow marijuana plants, I'll see signs of extra "tenants" or anything sketchy happening, etc.I prefer to have my hands in my investment for now. 

I know that loan assumption is often difficult because banks usually do not approve these arrangements. 

All the work is completed I have already made final payments and house is getting ready for market so I guess I will just deal with it via escrow when it closes and make arrangements with my contractor

Whatever arrangement you decide on, one clause you might want to consider putting in the lease agreement is to allow you to approve of the new business operator, if the 1st tenant decides to sell their business down the road, so you have the ability to say yea or nay to whoever might be purchasing your tenant's business.