How do you set up a lease w/ option to buy?

[Diane Menke]

Folks I have a house I have owned a number of years now having held it as a rental. Its not the best performing rental property as is, I do not want to remodel it, and I really don't like tenants that much, so I was thinking doing a lease with an option to buy might be a nice way to get a better tenant and then get out of that property.

I owe about 138K on the mortgage.
I usually rent it for $1400.00 per mo + utilties
Current high end price for this house would be about 190K tops. I would sell in 12 months for $200K + any $ I can legaly get for the option.

How would I set up a purchase option for the renter/buyer?

I would want to get my normal rent, and security $.
I would want to be paid for committing to that option to buy right? Whats that option worth? When do I get that $ ?
Can I do an option to buy in as little as 12 months?

I'm sure I am missing some issues. Thanks for helping me learn about this.

Diane