Lease Purchase and Then Owner Financing

[Kent Julian]

I'll keep this short.

First, we recently moved and have had a renter in our former home for 6 months so that we could try to sell it this spring. After living in the house for 6 months, the tenet is now interested in a lease purchase. He'd probably lease for another year and then buy the house. I'm definitely interested because it seems like it would make selling of the house so much easier. So, I'd love any thoughts on selling via lease purchase since I've never done it.

Second, when selling, I'm interested in doing owner financing. The house has a lot of equity in it (over $200k), but I don't need all of it. If I could get a down payment of 20% (about $53-$55k), that would pay of my loan, AND I'd have a new stream of cash flow (over $1000 pure profit) without having to manage a property. I'd also love any thoughts on selling financing since I've never done this either.