Posted by Ed Garcia on July 13, 2002 at 11:38:08:
The right way can vary from investor to investor due to each individuals circumstances.
How I may suggest a purchase or structure a deal for one investor can be completely different from another. In answering the first part of your post, YES, a lease/option gives your control of the property.
As far as fix up and repairs, my answer is watch your numbers and always have more than one exit strategy.
As a new investor I want you to ALWAYS remember 2 things. (1) You make your money on the buy. (2) Cash-flow is paramount. In the event you don’t consummate a sale and you get stuck with the property, cash flow will not only help you whither a storm, but also make money through it.