I also highly recommend to any entrepreneur, real estate or otherwise, to put Kate's Take on their essential must read/listen to podcast/blog to learn how to make Specific Measurable Attainable Relevant & Time-bound (SMART) goals.

This is the only scenario that clearly benefits the original owner but the benefit is typically only some high rent amount.In summary, the downside for the current owner is so much greater (loosing out to huge appreciation) and more likely to happen (historically the appreciation has been outstanding) than the upside (that the tenant does not exercise the option and the owner has been able to collect higher rent than a traditional rental).I did know a couple of tenants in San Diego that had a lease options. 

@Chris Gilliland,Check with your local attorney to make sure it's within your bounds, and also make sure it makes sense for your property!   

One thing this time around compared to last cycle is Vegas was ground zero for all the loose loans and speculation last cycle.

After a few deals when you know what youre doing, you will appreciate his help but will want 100% profits so dont get bound up in something you cant get out of (like signing your life away in a contract).

Proof of funds is needed and many times you will loose your deposit if you can not close 

I'm fine with that but within those bounds, I would like to select the most personable, financially stable, and longest-term tenant interested in my property.

But when we turned on the water on the kitchen sink they had not hooked it up right, the pipe was loose and water got all over the floor and ran down into the basement through the drain lol. 

As long as both husband and wife remain on the lease, both are bound to the terms of the lease, regardless of their marital status or whether one is living there. 

It's a loose loose anytime an out of state investor buys a property in East Cleveland.