Advice on a Lease Option as my first deal.

Most of these are schemes that primarily benefit the landlord and property owner, not the tenant who is thinking of himself as a "buyer" in his head. Here is a youtube guru telling landlords how to rip off tenants with this.

Note that as an Agency lender I would not care what your lease says, we will not count you over-paying for rent as a down payment, nor we will count an overly large security deposit as a down payment even if your lease calls it an "option deposit" or similar (too many people would just dummy up fake paperwork and use this as a way to get 100% financing with 0% down). 

So you will end up paying whatever you over-paid in rent + fees + deposits to your landlord, and then making the minimum required actual down payment on top of that. And someone doing a guru plan is going to set the contract purchase price so high that it will never appraise, so you'd have to come in with that additional cash to close to bridge the appraisal shortfall, or lose the house (which the landlord can just turn around and "lease option" or "rent to own" to someone else!), on top of everything you over-paid that you aren't getting back.