I wanted people's input on what to offer potential investors when I approach them, as I have two meetings lined up for next week. 

I think I'm going with the hammer drill approach. 

I would approach any meetings as "being there to learn" and when you find someone you feel is a good fit, then you can share your position.  

If my W2 income is $5 k a month and my primary residence mortgage is $1,000, that would leave my DTI at $6,000/$12,500 = 48% - still an unacceptable risk for most of the banks I approached...When I had my W2 income and only one or two rentals, I had no problem getting approved for loans.

Inquiring as to track record, how the sponsor's projected performance compares to actual performance, and learning about how they approach a potential investment property are all very important.If you are investing in a turnkey or a syndication or blind pool, there is one added risk that you don't have when you invest directly:  the sponsor.  

So if you were to approach the seller with a lease option, I'd do so as a lease option assignment (if your goal is to get some quick cash out of the deal, rather than owning).

Have you looked into that approach? 

I would approach them.  

Go to the County Judge's office and ask which lawyers file the most evictions and get a copy of their documents as public record so you can see how they do it and use that as your guide if you want to do it yourself.I'd be curious to hear how many hours per month you and your family allocate to managing this property using your approach.  

Once I acknowledged that everyone lives differently and there's not really anything I can do about it, I let it go.We've still have our standards, but have adopted a pay-as-you-go approach.