Your thoughts on Rent to Own w/ Home Partners of America (formerly Hyperion)

[Corey Westermann]

I have a close friend whose realtor has convinced him to apply for Home Partner of America's rent to own program.  I believe this company used to be Hyperion Homes.

He asked what I thought - I told him I had no idea.  Does anybody here have any experience with these guys or guys like them? 

Sounds like it would go something like this - They buy the house you pick, you agree to a 2-month security deposit and to rent it for above market rates, you then have the option to buy it after a year at 5% above their original purchase price provided you can finance it.

Are these guys and their programs legit? Is the process as transparent as they make it seem? 

Thanks in advance.