If your $538 a month is actual cash flow then I am happy with that.

The tenant doesn't own anything until the option is exercised and they actually buy the property.Owner financing is the owner acting as the bank with a promissory note with the terms of payment (principal amount, interest rate, number of months).

@Chris TabanicoI actually included all of that info if you want to click "view report" above my original post

I'm actually taking a potential investor to lunch tomorrow.

@Daniel Guerra actually now that you mention it the "70% rule" could apply quite nicely tot he BRRRR strategy.

Would you be OK with buying the house if you ended up actually paying your offer price?

My point is if you build a relationship you've got a better chance of actually getting the property at some point. 

I'd actually consult the advice of an attorney. 

It will teach you about renting a property, how the numbers actually work (not just in ideal calculators), and put extra cash in your pocket.

I've personally met hedge fund managers that watch the Charlotte market as an indicator for other markets around the country, while not actually investing here.With all that said, it's extremely competitive.