Purchasing a property as a real estate agent

[Spencer Dixon]

I'm buying a house from a client that I have a rent to own option. 

I will be using traditional financing to purchase the property. It's a single family investment property so all my different lenders have explained to me I will need to be down 15-20% minimum. I've been told I can include commission and seller credits for closing and purchase the property for the real value instead. OR I can purchase the home at the discount price I am getting based on our agreed rent to own lease we have in place. 

I am a licensed real estate agent/broker. 

I would like to keep my down payment for the home as low as possible. 

1) Price $470,000 with credits/commissions in the $42,000 range ($52,000 + closing costs - down payment)

2) Price $435,000 with credits/commissions in the $10,000 range ($77,000 + closing costs)

I'd prefer to do option 1. The monthly expense is about $80/mth difference for the lower loan amount with lower purchase price. Am I missing something? Are there other options, does anything here sound problematic?