I've done or been connected with various non-profit housing entites in different capacities, on the board of 2, as the ED of 2, and consulted several others.
Some questions to address starting out:
What is the mission? Usually, to provide very low, low and moderate income housing.
Who is to be served? Anyone who falls in that classification of very low, low or moderate income? The aged? Physically or mentally challeneged, Veterans only? Families only? Single Persons? Who....?
Why is it needed? What is needed in the community?
Does anyone else provide similar services?
What kind of support, adminstrative, financially, governmental and NGO activities are related to the mission or would support the mission?
Who, in the community would be willing to support the mission with thier time, knowledge, money, labor or skills?
When you identify these aspects you can then devise a plan to solve problems and achieve the mission.
Your plan needs to be based upon achieving the mission in the most efficient manner.
What is the time needed to serve the client to the end goal?
What funds are needed?
How are funds raised? Grants, donations, loans, investment.
Can you work in a calaborative manner with other agencies in order to maximize efficiency of community services?
How does government play a role?
What is the role of the private sector?
What is required of the client to achieve success?
Answer the above matters and a picture will come in focus.
As to your suggestion of providing lease-options, that depends on the above information, it could work, but more likely it would not be appropriate, especially for very low income or even low income. Think about the public view of giving an option, how it ties up a property and how quickly it achieves the mission.
Look at Habitat For Humanity, the client serves with labor hours and then is put in title with restrictive covenants with a zero interest mortgage. HfH is pretty much a standard as to its public acceptance. IMO, the further you get away from the usual and customary, the more difficult it will be to "pitch" your organization.
I wrote the note for our local HfH affiliate with no interest and did the qualifications on the finance side for clients. The transactions have yielded success due to alot of donated assets. To put this on the private investor side as most might want to do loans at 10 or 12% interest, that won't fly in the N/P community, that does not serve the mission efficiently and would be seen as usury, against the moral law.
It's not about you, it's about your client. So, you make money from saving money, obtaining grants, donations, support of material suppliers, obtaing low interest loans, $1 properties from the city, donated properties from the public and private sector. Then, you work with what the client can afford, not what they might be willing to pay as in the private sector.
From that, income-expenss=fund reserves, not net profit and from the reserves you pay adminstrative and organizational expenses to a fund balance.
Fund balances are put back into mission projects. They might subsidize rents for one family moving through your program, pay for utilities, do repairs in the community, sponsor mission oriented activities, assist a non-profit credit counseling activity or advance the operations of the organization.
How do you make money? It's a job. If you are the CEO, you may get a salary, retirement account, insurance, bonuses and allowances. Your compensation is based on and must be comensurate with the management skills you provide, what might be customary for a similar for profit operation. The good thing about housing is that it is expensive and your total dollars of business conducted can be huge in a few years.
A 501 (C) 3 is a corporation, you will need a minimum of 3 board members, always keep it at an odd amount to, 3,5,7,9, I suggest not more than 9 but 5 is more manageable. If you are the executive director, you must lead the board to dicissions. You must convince them to act and support you. Who you initially select to ask to serve comes from that list of "who in the community would support that mission". Choose them very carefully, I would say they can not be related, but a slick attorney might accomplsih alternatives, but IMO, you'd be tied to that attorney to defend matter arising from related issues, best to avoid the situation.
You must have a CPA, you have a corporation and you will need annual audits by a CPA, not an accountant. There is a good affiliate to have, if they are on the board, they can't do the audit.
An attorney on the board is great, just remember you need to lead, not a board member.
A Realtor is a good board member, a financial planner, insurance person, media person and a center of influence in the community is almost a must in a new start up.
Lastly. while you can adopt almost any strategy RE investors might use, none would be done in the same manner, similar but not so much at the profit motive. A N/P can conduct other business at a "profit" that produces income for the N/P mission, so it's not that profits are not allowed but more in keeping with public perceptions.
Hope that answered your question, LOL