Man...it's been wayyyyy too long since I've been on here answering questions for people. But have no fear....the "Lease-to-Own" Guy is here! :P
ANYWAY, here is a link (that I dug out from the "way-back machine") that lays out all the pro's and con's from the Seller's AND Buyer's point of view.
A Lease-to-Own is not for everyone, but by educating yourself and evaluating your own situation, many times, it can be a useful tool to buy or sell a property. If you need any more information, just dig up some old posts from my Q&A. Many of those should be helpful as well.
Best wishes & Laus Deo,
The deed doesn't transfer til sale, so be certain you have a clause restricting the owner from encumbering the land beyond your strike price.
In many cases you are responsible for all upkeep of the house, so be certain any fix-it necessary is affordable for you.
Be clear on whether you pay tax and insurance or not, but be certain it is in writing which one of you is doing this.
This will possibly become a very popular option in the New American Economy. So good for you to be checking it out, before the competition kicks in!
If it goes down in value, you don't have to purchase it. The only downside is you may have paid a little bit more per month for the option.