@Lynn Currie, we are looking to do it for practical reasons upstairs in this house but I would like to have it for solely aesthetics reasons on the first floor. 

Practice analyzing properties for rentals and you will soon learn to recognize a good purchase.

., a Master Lease is when you take control of a property and have an option to purchase it at a set date in the future.

No regulatory violations for usury, disclosure, predatory practices (like inflated property values) amongst other ideas are common highlights.  

Are you held to any other standard or practice that makes you liable?" 

As I said, if you don't have the controls in place to handle it, it may be wise to avoid.Those properties have been sitting on the market for quite some time too.

That keeps you in control as you are 100% funding the purchase and construction costs.

However, practically, if you record a memorandum to protect your potential buyer's option it will show on a title search and it may make it more difficult to find a lender who will loan the funds.If your tenant buyer is well qualified they could exercise their option at any time.

I can now purchase properties through my SDIRA LLC with checkbook control.

Also, seal the ant entrances to the domicile and use a good perimeter spray product.Inform the tenant that effective pest control takes a team effort and that it can take some time to eliminate the problem.