I would focus on making great deals - rather than trying to acquire an arbitrary number of properties.For an option to buy to be profitable, it has to be significantly below the purchase price and you have to have the down payment to exercise the option - which would be 25% of the option price on most loans.The margin is needed because you have realtor/marketing/carrying costs if you buy and flip. 

(makes sure you get a physical 10% off coupon).

If you reverse engineer how money is made in real estate, the essential benefits are revealed:1) Use2) Profits3) Growth4) Income5) Management6) Amortization7) Tax benefitsNow, look at real estate from the satellite view and the effect of time:Growth, speculation, cresting, decline, blight and ghost town.Until people had a way to connect with others, they needed to be physically close to the employer that created the employment or the crops or industry that generate cashflow and profits. 

Deals would need to be profitable enough to be able to justify someone to do all the physical inspections, manage rehabs, etc.

That construction agreement may not be valid without a license.Forget any construction financing, you can't give the property as collateral.If suppliers extend credit for materials, they will generally want the address and owner to sign or a licensed contractor with a valid construction agreement allowing liens to be created.You can file your option and cloud title, but that cloud doesn't prevent an owner from selling the property subject to that option, the new owner will be obligated to sell it under the option, but if you fail to exercise it as agreed, they will own the place.

I'm reading one right now that would (if I signed it) require ME, the Buyer, to pay the Broker 3% or $2500 (whichever is greater) WHETHER I BUY A LISTED PROPERTY OR NOT.Now, my Realtor assures me that they would only exercise that if I bought a FSBO, but the paper doesn't lie: Some of these contracts are a liability. 

If the buyer is not satisfied with the information in the inspection report or cannot get the seller to agree to requested repairs, the buyer can exercise his right to terminate the contract before his option period ends.

They'd be better off making a law that stated it is illegal to eat bad food if you don't meet certain physical fitness requirements.

You must know what you're doing and be prepared for any physical problems after you own the property.There are lots of ways to source value.  

Plus with lease options, assuming their prices aren't retarded (didn't run comps yet) they actually can much more quickly and easily get their property under contract for maximum price, if they're willing to accept monthly payments before the tenant-buyers exercise their option to purchase.