Lease with option to purchase

[Matthew Fragassi]

I went to look at a property and couldn't get financing through my current bank. I went and explained to the owner what was going on. (The owner flipped the house, if that matters). Owner emailed back a day or so later and says they are looking into refinancing the property and selling it as a lease with option to purchase. Can anyone explain to me what that means and if it is a path to use for a rental investment? The property seems to be in overall good condition. Just some windows needed to be replaced and some old wood paneling taken down in the kitchen. It's a 4 bedroom, 2 bathroom house, both bathrooms are fully renovated and the kitchen is 95% renovated, just needs that wood paneling removed. Thank you. :-)