Has anyone ever leased to own?

[Bradley Buxton]

Has anyone leased to own from the leasing side or the seller side?  What are the advantages for both sides and what are the disadvantages? 

Is this a good strategy to get started in Real Estate investing on a first property? 

Are there standard contracts or would a lawyer be needed to write something up?

[Steve Vaughan]

Quote from @Bradley Buxton:

Has anyone leased to own from the leasing side or the seller side?  What are the advantages for both sides and what are the disadvantages? 

Is this a good strategy to get started in Real Estate investing on a first property? 

Are there standard contracts or would a lawyer be needed to write something up?

I've 'sold' many as the Optionor and its my favorite way to slow exit houses and duplexes. 

The main advantage for me is a commission-free sale with no after inspection repairs and I don't have to report the option consideration for taxes until it is exercised or expires.

Whether it's a good strategy as the buyer/ Optionee or not depends on the character of the Optionor, realistic price/terms and whether it's advertised as an LO or not. The ones that advertise RTO are pretty much always scams.

Mine have a fair and clear price and fair and clear term. 
It is understood clearly they are only securing the exclusive right to purchase it later. 
It is assignable, recordable and a separate agreement from the lease. 
It does not accrue 'purchase credits' but closing costs are granted when exercised.   The sooner they exercise,  the higher the closing cost assistance.

As for contracts,  I looked at recorded lease options, options and Memorandums in my counties for reference.