Rent to Own or Lease Option Business

[Zac P.]

My question is for the people that work a lot in the "rent to own" part of real estate. I love the idea of giving people the option of home ownership. I also like the idea of getting a sizable option deposit, receiving rent and transferring maintenance to the tenant buyer. I had a few questions.

How much do you usually charge for the option deposit? I've heard 5% of the purchase price is around the norm.

Do you transfer 100% of maintenance to the tenant buyer? If not, how do you work this out?

Do you typically get full asking price on a "rent to own" home?

Do you raise, lower or keep rent where it is at when the "rent to own" starts? What % if any (of the rent), do you apply to the purchase price?

I know the eviction process varies state to state, but I've heard the eviction process in a "rent to own" situation can be tough. What's your experience with this?

When a tenant can not purchase the home at the end of the term and forfeit their deposit, do they typically stick around and continue to rent, or do they typically just move out?

What are some of the major challenges that you deal with in this business?

I know I have a lot of questions to ask a legal attorney. However, any helpful info from any of you all that do this would be greatly appreciated!