I've done plenty of research on the rental aspect of this, but I've never actually purchased a house. 

actually i ended up signing up for the plus membership here, the calculator tools are just to good to pass up for 90 dollars a year. makes things incredibly clearer i highly recommend the plus membership at the minimum

I feel like it works in my head; but has anyone ever actually done this and was your overall experience?

@Kevin Harris,In a contract sale, ownership does not actually transfer to you until the contract is satisffied.  

@Brian Lesko I actually looked at that awhile back.

I actually sold the house with equity but was behind back in 2012 and so they recorded it as a paid foreclosure.

I believe there was a BiggerPockets podcast where an investor who uses lease options often stated that only 5% of the time does the tenant actually execute the option.

I am currently in saving mode and am excited once I can start the actual investing .Their is so much to learn, I know I'm bound to make mistakes but that is just part of the journey .Thanks for the welcome!

Has anyone ever compared such figures with actual ones supplied by a realtor?

 Actually, *all* of my deals are either Seller Financing, Lease Option, Wrap, Subject To or Land Contract.