Within the next few months, I'll be purchasing single family house to move into and live in for 1 - 2 years to pay down as much equity as possible. After getting a good amount of equity in the house for future HELOC funding, I was going to move out of it and use the property as a rental utilizing a lease option, or, rent to own agreement.
There aren't as many resources for rent to own agreements as there are for standard rental agreements, so I just wanted to inquire and network with investors in the upstate area if they are using it.
What criteria do you have when looking for deals?
How did you craft the lease option contract?
Are there certain markets that work better for lease options than others?
Did you have to incorporate a special tenant screening process?
Etc.
Thanks!
