Has anyone tried Lease Option with subleasing?

[Duke Hashimoto]

Here's my idea. House rents for 1600/month but I know I can rent similar houses for more, say 2200. 

My idea is to approach the landlord about writing up a lease option which gives me the ability to sublet the home out to another tenant. 

This way I can get my tenant to pay the rent, gain passive rental income, pay $ towards the purchase price. 

Has anyone ever done this before? 

[John Jackson]

Sandwich Lease Options....

Similar to taking a property Sub-2..in the sense that you are singing a contract to make payments on a property...

I did 2 SLO's in 12 years....I only lost about $1200 on one....the other...the worst nightmare I've had in 12 years of RE. 

I'm guessing that one cost me about $10k...

I say this...do NOT do an SLO till you have at least 12 months or 12 LO assignments under the belt IN THAT AREA....

Sub-2 and SLO's are fine, but not for the newbie...IMHO...

Also..@Brian Gibbons  is dead on...if you are going to take a property Sub-2 or as a SLO..you darn sure better have 3-4 months of reserves...

In other words..you better be able to have it sit empty for 3-4 months.