In tropical environments like Florida, from what I've read, we have a very conducive climate for multiple species of termites.

Yes, it's expansive but it gives me great peace of mind. 

I needed a classroom environment.

They can complain to the city if they think taxes are going up too fast.More importantly, if the tenants have a spotless record and the unit is visibly well cared for, the peace of mind of keeping a good tenant is place is worth a fair discount in my opinion.If you are a long term "buy and hold", I wouldn't worry too much about getting the rent to market right away.

I think this is something that a lot of experienced RE investors are increasingly looking at doing given the current market highs and low interest rate environment.  

Each lease option is for 2 years.Hypothetically, your numbers make sense, but the probability of acquiring 2 properties per year (or any in this environment) with no money down, subject to, are so low I doubt it will matter.

They provide peace of mind for first time home buyers.

Also, residents are not always fond of living in a "hotel" type environment - so they're likely to report you if you do begin without permission.  

Otherwise, signing a month to month agreement sounds like a good plan to keep rents coming in short-term while you buy yourself time to evaluate...although if your gut is telling you they are bad, you might want to try to peacefully get them to leave ASAP so you don't run into future issues.  

I'd start by assessing what you know and don't know- what towns are you familiar with, what real estate concepts might fit your skills/ability/environment and then start learning more and more about those strategies.