RentToOwn-HouseFinder.com - What are some typical options for a Rent to own situation?

What are some typical options for a Rent to own situation?

I am wanting to sell my house to a freind and I want to give him some rent to own options.

find a real estate attorney -- for a couple hundred bucks a paralegal can draw up anything and everything you want. and even though its a friend now - -it might not be a friend later. its best to go through an attorney to cover your butt and your friends in case you get wacky on him too.
Rent-to-own, AKA 'Contract-For-Deed' is a bad option for the buyer, it just sounds good to the ill-informed. If this person is truly your friend you will not do this to him or her. However, if it's more important to get some income from this property than to keep your friend, then I would proceed with the following. 1. A signed rent-to-own agreement. 2. Large, non-refundable, security deposit from the buyer. I would want $5000-$10000, depending on the size and value of the home. This way, when (not if) I have my friend evicted I get to keep the security deposit and put the house on the market. This will undoubtedly give me the opportunity to make a new friend later.
Option 1 - Bank calls note due. Tell your friend "Oops! Sorry." Bank kicks him out. Option 2 - Friend's dog eats back of house. Friend eventually cannot make payments. You kick friend out. You cannot get caught up. Bank kicks you out. Option 3 - Friend's friends trash house. Friend leaves on his own. You cannot get caught up. Bank kicks you out. Option 4 - Friend cannot get a loan after much trying. Friendship becomes strained. Payments not made. Bank kick you both out.