Length of Lease Option Contract - 5/7/10 years?

[Rick Bassett]

It appears that 2-3 years are the typical length of Lease Option Contracts but that does seem too short if you are really hoping that the tenant/future buyer will really repair their credit in time to exercise their purchase option.

Why wouldn't we want to grant a 5, 7 or 10 year option?

We are still getting an option fee upfront, tenants are still taking care of the property and paying a rent premium but we have less turnover every 2-3 years.