Hi Jrm126. In NJ, most attorneys will draw this up as 2 seperate agreements. A Lease, and an Option. The Option gives the Opioneee the right to purchase the property for a specified price at a specific time in the future. It is also cutomary for you to require a deposit/down payment. Under the terms of the agreement, you may not sell the property to anybody else. I am not sure what the laws are in MI. Consult an attorney familiar with these types of deals. You can use the link provided to the National Asscociation of Real Estate Investors to find a local chapter. These groups usually have attorneys as vendors...many are familiar with lease options.

Robert Greenblatt
Keller Williams