I have a person inquiring about renting to own one of my rental properties. I'm not exactly sure how this works. I'm open to the idea, but would appreciate someone with more experience than me to offer some explanation about how to conduct this operation. I look forward to hearing from bigger pocket professionals.
Hi @Stephanie Barton. What you're considering might be a great idea or a very bad one.
For the record, the exact mechanics of rent-to-own (really, lease/option or lease/purchase) vary from state to state. Your profile doesn't say where you are located, so it would be very hard for anyone to make a useful suggestion.
As a newer member, there are several things you can do to increase the likelihood of getting helpful responses here on the forum. I recently wrote a blog post on this very subject:
thanks @Mitch Messer for your reply. I will take a look. Always looking for new information. I declined this person's request to rent to own our property. We aren't interested in selling at this time. We would be more interested in selling to an interested tenant than an outside person wanting to purchase.....