The legal aspect is covered under Chapter 47G - Option to Purchase Contracts Executed With Lease Agreements.

You just need to know how to FIND them and EXECUTE them. 

Confirming with management that they feel confident they can execute and adjusting as need be throughout.

Real estate is fantastic and provides tons of opportunities, but there are always trade offs.

If these numbers meet your buying criteria, you've considered the opportunity cost of investing in this deal and you are confident you can execute your value add business plan then go for it.

Looks like you are a man of many trades as myself.

It is the beginning of his financial education: laundry machines at daddy's other house give us quarters and then we trade the quarters for ice cream.

@Brian S. waiting till you get a deal on the horizon is a good idea, but it you want to be able to execute faster I can suggest bundle the mortgages you have under one portfolio loan (as suggested by @Jerry Padilla above) and then open a "Line of Credit" with the same bank.It acts like a credit card, and you do not have to pay any fees if the money not used (some ask for yearly fee of $50-$100).

Settling for these tenants is like trading in your car as opposed to selling it privately.

Flip Purchase + rehab = $150kSale price = $200kSellers realtor commission = $12k (6%)Tax on $50k gross profit = $12.5k (assuming 25% tax bracket)Gross profit = $25.5kEquity = $0Long term benefits = noneYou’re trading $50k in appreciable equity plus all future cash flows for $25.5k now.