The “borrower” would have an option to buy back the property if (1) all lease payments (“mortgage payments”) have been made and the borrower/seller pays is the sale price/loan amount in full at the time the option period/note matures.  

.: Quote from @Donald Hatter: Option 2 is the last option I would suggest.

What options does your lease give you?

There's zero reason to do this when there are plenty of options to avoid it. 

Financing options do exist: hard money loans, renovation loans, and some traditional mortgages can be used on distressed properties if criteria are met.

I also worked with a great lender who helped navigate financing options, including my HELOC, to make the deal happen.

My two partners are willing to pay their share, but they’ve also offered me the option to take over the property completely since the loan is in my name.Here’s my dilemma: If I keep the property and rent it out, I could get around $2,300 in rent, but my mortgage is $3,300 at a 7% interest rate.

Another great option is the BRRRR method (Buy, Rehab, Rent, Refinance, Repeat), where you buy a fixer-upper, renovate it, rent it out, and refinance to pull your cash back for the next deal, and this is a good route because most private lenders can go higher LTV than on a rental loan! 

@Kwanza Price - Syndications are a great options and even some QOZs. 

I have been told to stay away from lease options in Texas.