RentToOwn-HouseFinder.com - Pros and Cons of Lease to Own?

Pros and Cons of Lease to Own?

This is the only option I have about getting a house. It is through a friend, could someone give me the pros and cons to it?

pro....money......con money in the bank......
The only pro is that part of your monthly rental payment is going to ownership. The con is that since you don't have ownership you can't take advantage of tax deductions normally associated with getting a loan a buying the property conventionally. Depending upon your agreement you might also be likely to be responsible for repairs and maintenance that you wouldn't normally be responsible for if you simply rented. Plus if you decided to move without paying for the property in full (which would likely take longer than your life time in a rent to own situation) you wouldn't get any of your "equity" back because the property wouldn't be titled in your name, thus couldn't be sold by you at your own discretion. I am willing to bet that you would be better off simply renting and spending the next year or two getting your credit back together, you would be much better off.