Rent to own is a concept, and I agree with the previous answer, your biggest advantage is that the tenant will take better care of something they believe is theirs. Lease agreement and purchase agreement are separate, I'm not aware of a lease to own agreement, in TEXAS. First get a solid lease agreement. Then do a purchase agreement, with a long option period. The disadvantage is that you're agreeing to sell your property, for a specific price, sometime in the future. You can't sell it to someone else during this option period, and if your renter doesn't buy, you'll keep the option fee. Down payments won't be made until the renter agrees to move forward with the purchase agreement. In most cases the renter can't qualify for a mortgage and there's no guarantee this will change during the lease term. I recommend getting a decent option fee, in exchange for the right to purchase, in the future.