Sounds like you have hit the ground running with a great plan!

You can factor 10% for repairs and CapEx which helps your cash flow.Then Option 1 doesn't sound so bad having all of your money back and $150/month.

Option 3:  Private money loanI know how popular private money is on this site and it sounds excellent. 

Go for: that Beautiful 200 gal Saltwater fish tank in the foyer, as is, ALL fish staythat 1968 396 SS Camaro sitting in the garage that the seller never drivesthat Harley Davison motorcycle in the garage that the seller's wife hatesthat 25 foot Key West bay boat  those 2 new Kayaks on the dockthose 2 new Jet Skies on the liftsthe new John Deer tractor in the barn   that awesome TV and surround sound systemthe leather furniturethe dinning room table, chairs and chandelierthe office furniture the master bedroom set  the pool furniture etc. 

Now you know to be more careful when going through the lease, I would personally recommend getting a better lease because that lease does not sound very good.

It sounds like you’re off to a good start.

Does that sound desirable to you?

This sounds like a great way to start.

I hear this often from people who read  a sound bite or story but do not know the space.

So I know this already sounds like the question that's been asked forever in the real estate game, but how can someone come up with 25% of these multis for down payment?