I know I've asked something similar in the past but I found someone who wants to do a rent to own option with one of the rentals. I've heard a lot of good and bad things for both sides of the party. Heard it's great since you don't have to do any repairs and don't have to worry about commissions but also that they can still fall through, tare up the place, can still make you do certain repairs, and try to get back the deposit. Have any of you had good experiences with this? Below are some numbers :
His credit 530
Income base 50k
Annual avg Commissions 15k
Has been with the same job 3 years
Has good rental history
Would get a VA loan (heard those AR ea lot more strict than traditional loans)
He is also going to have his brother and brothers 3 children residing
Would do 5k down, purchase price set at 320k next year(appraised value) , pay 1400 a month which is my mortgage.
Or I could just sell now lose close to 30k in commissions and fees but have heard rent to owns rarely go through.