Now the rental rate and hold time ect play a role other parts of my expected returns ect, but for the cash out/LTV portion they don't have anything to do with it.

You could argue that you're worse off with an underlayment because it could add more "play" to the floors and work the locking mechanism loose.You might want an underlayment over concrete though or if you have a moisture problem but I doubt even in this case that it would make a significant difference.

Were working on a couple really cool projects there right now actually - excited to see this play out.

Being licensed plays a key role when dealing mostly with the retail market for buyers and sellers. 

Play the cynic and assume the worst.  

In an all cash deal, cash on cash return before taxes will be equal to CAP.I utilize a CAP rate analysis for all of my transactions whether a SFD, duplex, 4-plex, or apartment building so that I can compare the investment as a whole on the same playing field.

There are many things that come into play with that also.

We've been renting it out and playing landlord for about 4 years and have finally decided to sell it.

First option is cheaper.Once secured in your name, then you can do the lease option and hope to make a good profit in a couple of years, with a good down upfront to play with.

The numbers (since these matter):List is 75k, numbers are based on selling price of 70kMedian rents for 3br in area: $1200, I'm factoring in $900 due to my cash flow to play it ultra safe because of the small size.Factoring in PM at 10%.Rent - Mortgage&Insurance - Tax - Vacancy (10%) - Repairs (10%) - PM (10%)900 - 310 - 225 - 90 - 90 - 90 = +95$900 is likely very on the safe side so I feel that this is a good deal.