Questions about Lease Options

[Hugo Garcia]

Hi BiggerPockets family,

I have a couple of questions regarding Lease Options:

1.  What are rent credits? And what are they used for and considered for?

2.  How to determine how many years to do a Lease Option for? What is the criteria and what is the most common used time frame?

3.  Option Deposit Flat Fee vs 3% of the house price. What is the difference, and is there a problem legally if I simply choose to do a flat fee?

Thank you.