Hi @David de Luna, I don't have any personal experience with lease options, but I do remember thinking that the podcast episode 185 with Bill Powers on that topic was really informative: https://www.biggerpockets.com/…  Highly recommend checking it out if you haven't yet, maybe it'll answer some of your questions.

Maybe bill your services as rehab/reno rather than wholesaling, but I don't know if there are state-specific laws for licensing and consumer protection that will apply in that instance that would stop you from doing it. 

I guess not being a contractor i overestimated the job ( every time i needed one, the excuses for a large bill were actually ridiculous).Thanks a lot

Note your only option to enforce collection of late fees, repair bills for tenant caused issues, etc. 

The checking account is for receiving all income. you paid the bills from that same account, and transfer any savings to the savings account.

@Bill Brandt will definitely be worth asking!

My biggest cost would likely be medical insurance, food being the second, quarterly tax payments, normal bills for the home.Is anyone here living off their rental properties?

@Bill Brandt, If I was only 250 years older I bet I could have got that included in the Declaration of Independence :)@Colby Shelhorse, The actual mechanism of the 1031 is that the adjusted basis of the old property is transferred to the new property by filing the form 8824 with your tax return after a 1031. 

You do not get to deduct the entire amount of your mortgage payment, just the interest portion (and Taxes and Insurance if your lender escrows).So what does buying more rentals do to your tax bill? 

I ask because its possible he would try to bill you for late fees going back to original move in.