9 out of 10 residential lease options do not close. Why? You have to have a sale price NOW - and if that sale price won't appraise when the option is done the property won't be financed. The contracts need to be written by attorneys to stand up - and they are fairly complicated documents. Do you own the property outright, or is there a lien against it? With no lien you could owner finance, still a hassle but less than a lease option.
Not everyone is well suited to be a landlord - and both of the scenarios have a touch of that in them. The other factor in this is that many of the people that ask this question probably shouldn't be purchasing a home at all. Yes, some people do have extenuating circumstances, but by and large my experience is that they are few and far between. I could write a book about this subject - but you asked for an opinion, so here's mine: big trouble, big hassle, highly unlikely to work out.