Rent-to-own advice

[Miguel G.]

I'm trying to sell a property with options. The property price is $60,000. I want to collect $10,000 as downpayment for the option and $900 dollars in monthly rent. I will apply $400 out of the rent towards the downpayment. I then ask people how long they want the lease-purchase for? Of course, in around 10 years they will have a credit of $60K. Is there anything wrong with my logic? The property is in Kansas City. Let me know folks.

[Cole Sims]

The people at that price point typically do not have that type of cash for a down payment (10k). If they did they could go with a conventional loan with the same down payment for the same term at 1/2 that monthly cost. Why not list it for sale or rent it out instead?