I have done a number of lease purchase sales and there is no "one way" to do them. Each one is unique as the buyers and seller's needs are unique. There are a lot of potential problems with lease purchases so make sure you team up with someone that knows the pitfalls.
For example, what if you do everything right on your end of the bargain and the seller loses the home in the process to foreclosure? Or what if they declare bankruptcy and can't get the home released from the bankruptcy trustee to sell it to you?
There are ways to try to guard against these issues, but especially in today's economic climate, Let the Buyer Beware, is truer now than ever.
Let me know if you like a free consultation to discuss the situation in person.
Jim Paulson, CRS, GRI, EPRO
Owner/Broker - Progressive Realty Corporation