lease option question

[Jared Smith]

I may have a family to rent my home, but they have not lived here in Memphis before and want to try it out for two years before they buy. They have shown interest in a lease option. Finances are not an issue with them so it is only to feel out the area. We are all in on our home at $410k, but $0 down and 3.5% 30 year fixed. Rent will be $2550. (This is an evolving question from a previous post) Questions: 1) What is typical for a lease option fee? 2) I think our market here is strong, but think I can lock in at a competitive price now. What are the downsides? Any thoughts or feedback appreciated. I am nearly certain we would need a real estate attorney for this paperwork to ensure completeness.