well said Kerry@Joe GarbarczykLease options and subject to are for pretty houses that are pretty and there's some equity at least 10% The only comment I would make is, if the seller would take $55,000 and they owe $68,  you would not get clear title to the balance to the bank and most probably back taxes  Make cash offers based on net equity 

Also, with Cap Rates, is it assumed to be calculated based on Purchase Price or Fair Market Value?  

It is reasonable that basing everything on the existing "lease" that will automatically go into effect based on a daily proration (I.E.

I have market rents at $1100 based on the condition and size

I'm new on BP, just learning the ropes, so the above is just based on my own experiences of traveling in the US.

Purchase - 167KNOI - 16,9411st - 80%LTV  - 5% - 15YR - 1.34DCR (If no second)2nd - 20%LTV - 8% - 20YR - 1.27DCR based on the income from 1stLeft with $75/mo - Not much, but it's still in the black.  

Boardman was the push I needed to get my RE license and the now my platform to start RE investing.Being a lifelong Chicagoan, I have a great knowledge of what Chicago neighborhood and burbs have to offer.As mentioned I’m a resource looking for resources, so anything I can help with whether its Illinois RE info, Microsoft Excel help and social media help, I’m more than willing to assist.

Only Redfin obtains listings directly from MLS because they are registered as a broker in each county they do business in.Most techies do not understand that real estate is a relationship-based business.  

Just to name a few.. you could do direct mail, craigslist, driving for dollars, social media, SEO, bandit signs.

Just my personal opinion and others with more knowledge could prove my wrong, but I would say that you should buy if the rental numbers make sense based on current conditions and don't expect much appreciation.