There is no clear-cut provision for Listing a house as a Lease/Option; it would have to be negotiated:
In this Market, there is no incentive for the Seller to do a L/O because everything is selling so fast and at increasing prices.
However, there is particularly no advantage for you to submit to a L/O:
The Buyer is at the mercy of the Seller as to the terms of the agreement.
There is no "boiler plate" Lease/Option Agreement; the terms and the wording can be anything that can be conjured up, including the Down Payment (yes, there is a Down Payment), the monthly rent and the amount which is allocated to the Option, the Option term, (two to five years,) the panalties, the maintenance and repairs, etc.
The most important factor, is the loss, for you, if you are not able to exercise the Option at the moment specified: You would lose the Down Payment, all the Option money which had accumulated, as well as a place to live!
You cannot possibly know where you will be, financially in five years, (you are betting that you will be better,) nor, the value of the property five years hence. The Seller will necessarily pad the selling price to protect themselves.
You woulod be infinitely better off, renting for now, and stashing away as much as you can, as well as improving your Credit Score.
If you choose to ignore my warnings, I wish you luck in your quest.... more