Rental Vs. Rent to Own

[Taylor Billman]

Hello,

My wife and I recently bought a single family we are moving into and I have my current townhouse listed for sale by owner but am also considering Renting or Rent to Own. I'd prefer to sell it so we can reinvest in a multi-unit this year but also don't want to be paying two mortgages till I find a seller.  

-What are some master tips when Renting and or Rent to Own? 

-Tips on must have clauses and language for lease paper work and or Rent to own contracts. (I'll have a lawyer put the final together)

-1st Real Estate Sale or 1st Rental

Excited to 2020 and what the rest of this decade will hold!

Thank you,

-Taylor

[Marc Winter]

Word of advice--do NOT do a rent-to-own.  If anything, do a lease, and an option to buy.  Two different docs.  Neither mentions the other.  A rent-to-own scheme will end up giving your tenant certain equitable rights and mess you up going forward with an eviction.