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David Cooper Las Vegas Foreclosure Houses Bank Owned! Freee List +1-7024997037:
while there's nothing wrong with such a scenario, you do need to put some protections into place to assure that the home will be purchasable when you do decide to pull the trigger. for instance you want to assure yourself that the owner is current, and remains so, on the note so that the home does not get foreclosed upon during your rent to own period. that's just one thing to consider. frequently we in the trade see such scenarios offered by clever folks who know few rent to own sales are ever finalized.
your situation also needs to be considered too. if you are trying to lock in a price while you tidy up credit blemishes, a rent to own isn't a bad idea. if you are thinking that the rental period will let you accrue some down-payment funds...i have seen that tried but few folks have the discipline to save any real cash over a year or two.
if you can give a few specifics we might be able to give you better advice.