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Alex Cortez was about to get fined $1,000 a day. His rental arbitrage business was thriving—until New York changed the rules. Instead of shutting down, he pivoted to a strategy most investors overlook: lease options. Now his tenants pay non-refundable deposits, handle their own repairs, and treat his properties like their own. Here's exactly how he structures the deals. 00:00 Intro 01:17 House Hacking Origins 05:49 Pandemic Pivot Lessons 09:07 Pilot Career Path 11:22 Wealth Lessons Flying 14:49 Lease Options Explained 19:25 Tenant Screening Terms 23:05 Property Care Repairs 25:33 Finding Lease Option Tenants 27:25 Rental Arbitrage Basics 28:48 Furnishing Costs Setup 29:47 Furnishing Costs Breakdown 30:12 Convincing Landlords to Sublease 33:52 Regulations Force a Pivot 36:08 Midterm Rentals and Exit Plans 38:14 Designing a Furnished Rental 40:23 Systems and Tools for STRs 43:35 Lease Option Contracts and Legal 45:33 Structuring Deposits and Rent 48:43 Becoming a Licensed Agent 50:05 Investor Friendly Agent Traits 52:05 Life Outside Real Estate 52:45 Book Picks and Where to Connect