Craigslist is a great place to find lease-option or rent-to-own homes. But be careful, the lease-options can be set up to make the seller come out ahead. Also, the statistics show a very small percentage of buyers on lease-options (rent-to-own) even actually exercise their option and purchase the house. If you do a lease-option:
1. Try to negotiate as long of an option period as you can
2. Record the option at the county recorders
3. Have someone help you run comparable sales to make sure you are not overpaying with your option price
4. Try to negotiate the lowest option agreement (down payment) money you can
5. Ask they seller to credit some of your monthly lease payment to principle pay down
The seller will try to get you to do the opposite of all these to strengthen their potion.