I’m going over the strategies and trying to figure it which one would best fit me and allow me to enter the investment world with minimum risks.

Ask the seller for all the lease agreement and ask him to complete a specific form with details of each lease.

Except the borrower would need to put down approximately $500,000 minimum, and he doesn't have that.He does have a few other SFR properties, but can't sell them in time to make the deal work.I told him he needs a private investor, but it doesn't seem he's going to find this. 

My question is, Operating agreement is based out of the real estate strategy or standard for all types of strategies.

I had thought about adding an addendum to my standard purchase and sales agreement stating that if i cleared the lien the seller would be obligated to sell me the property for the agreed upon amount I just don't want to risk shelling out 5 - 15K clearing someone else's lien to only discover that I can't force them to continue with the original agreed upon contract.Any suggestions or anyone with experience clearing city / other liens on properties would be greatly appreciated.Jason

Yes, you need to see if there is a recorded easement/agreement and also read the language in the two deeds.....both should be available online.

And I said, "Oh No....that's not our agreement"  So I called the Seller's Agent and she agreed with me and told me she would call me back. 

The risk is on the tenant buyer end (you doing a lease option with your tenant and prospective buyer):If I have to evict the tenant, my attorney said that because they have an option agreement, there is a claim of ownership and the case can't be heard at the district justice court.

I then compare the conservative and "real time" calculators to see what my estimated minimum/maximum cash flow could potentially be.

What I do know is that one of the many, many things signed by a buyer at closing is an agreement to keep the property insured and authorizing mortgage companies to put insurance in place and bill the owner-and those rates aren't cheap.