I have my eye on a house for sale right next door to my rental and think this route is my best choice right now.

your thinking is right just be careful. sometimes renting is the best choice for military if you don't plan on being there long. also if you do the deal make sure your own the title. do not do a land contract!!!

We will be alternating locations as well as days every month to help accomodate people from other areas of Metro Detroit and SE Michigan.

Maybe you can review their app/credit and make something work out, letting them know the legal alternative..

That's the most common choice on a contract.

It happened to a friend of mine, he regretted that he did not put in more EM that he had a choice to do so.

And with an option the option holder always has the choice to let it expire unexercised.

Most new investor types spend way too much time trying to make chicken salad out of a single chicken-scratch property with an unreal principal rather than creating a deal flow to have many choices from.

I just wanted to know if there were alternative options from Hard Money because I am worried about depleting all of my savings very very quickly considering the high debt service costs.

The borrower does not usually have much choice in the matter, the Lender only gives the money to the borrower (on behalf of the borrower, really) provided they get an appropriate deed of trust or mortgage on real property sufficient to cover the money they are lending.