The basic idea of a lease option is pretty basic but the details are what will make the experience good or bad.The way that I do lease options and the most successful way I have experienced is to lock in the sales price, give a 3 year lease, and require the tenant to make all repairs.The other thing you are talking about is purchasing the home "Subject To" which simply means subject to the existing financing.

In my opinion, I don't think we will see a declination in value like we recently experienced.

From an investor's standpoint, condos usually come with HOA's (which can kill cash flow and fees can increase dramatically out of the investor's control.)Not to say that there are not any investors who purchase this type of property, but most experienced pros tend to stay away, baring some unusual circumstances, such as a condo conversion opp, or the incredible sellers market from 2002-2006 in CA, Vegas, AZ, FL, etc.

Texas hasn’t fallen so much in value because it never experienced the huge increases that other markets have.

I was told the reason evictions can take months is that landlords will attempt to do evictions on their own, and forget to cross a few t's and dot a few i's, or otherwise not follow the law properly.Although several hundred dollars seems extreme compared to $30 or so on your own, an experienced eviction attorney can get the job done quickly and relatively painlessly.

now i'm not saying every broker or seller will ask you these questions, but i am saying that 85% of the professional commercial brokers or sellers will. they do this to separate the tire-kickers from the players is what they say.so for all the people on here that has experienced this when getting started, how were you able to either sidestep these questions or answer them in a creative way that made the broker or seller feel comfortable in going forward and disclosing certain info about the property.

Don't forget to just go on any search engine and type in property listing sites to get more.

You will mostly find that Civil Engineering firms and Land Surveying firms provide this service.

Has anybody else done this and experienced any goods/bads with it?

As a licensed Journeyman Electrician and an Electrical Engineer, I must say that some of the advice given above is not accurate.