Danielle I sell commercial real estate so don't have a dog in this hunt.
It is important to make sure you know the difference between a lease option and a lease purchase.A lease purchase you are required to purchase by a certain date and time.
With a lease option you can purchase but are not required to.
Typically sellers like a lease option because the money is not treated as a security deposit and the buyer doesn't have a beneficial interest in the property.If you stop paying they can simply evict you and re-option the property again.
The buyers like it because they are not locked in to a property.Typically many times the buyer never ends up purchasing the home. The family gets a divorce,death in the family,person gets sick,loses a job,job is transferred to another area,has a baby and needs more space,finds out things after living there they do not like etc.
If you can pick up a lease purchase or option with great terms to you with putting little to nothing down then it might work.
Otherwise if the seller is requiring a large deposit you would be better off just fixing your credit and buying a house the regular way. I do know investors who will owner finance and have the property paid off.The problem is they know typically you can't get conventional financing so if the going rate is 4.25% they will charge 7 to 8%.
This is why I say if you have some money buying the regular way might be better for you.If you have a bunch of cash but your credit is thrashed then a lease might be better.It just depends on your situation and circumstances. Hope it helps.No legal advice.