Do you "own" a property, or the right to sell it, by having a $10 deposit on a purchase option? 

I would worry more about how well it matches what you are looking to do then any of the rules you listed above.  

My assumption is that at closing, we take possession of keys, security deposits, transfer any warranties on appliances, etc.

It doesn't refer to the landlord or property management company you rented from in college who didn't return your entire security deposit.  

I have a 10 day inspection on the property.4 Bed 2 BathNeighborhood: B+Crime Rate: SafeSchools: Under averageSize: 3400 sqftOriginal Listing Price was 225000My Accepted Bid was 180000 after heavy negotiating and bidding by my realtor.Earnest Money Deposit: 18000Repairs 15,000Most repairs were already doneTerms: All cash offerI have found 3 properties around the same size in 3400 SQFT+- 10 years construction date that are less than 1 mile away that sold at the following prices in the last 6 months.$290000$295000$345000However, I still see that there are some houses selling in the neighborhood on Zillow for about 170000 - 225000.

Are you paying that commission upon close with option deposit money?

Check out the doodle link, and see if your sched matches up with ours... looks like jeremiah and I have several days that are matching up.

This will give you good experience on setting boundaries and expectations on receiving rent on time, handling tenant concerns, handling deposits, etc. 

.- Accepting e-payments from tenants, direct deposits for owners, all within Propertyware.

I have a property in mind, we should see if they match.