Talk:Creative real estate investing

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I am looking for specific information on something known as a tenant/owner lease option, in which the tenant of a single family residential home, town home, or condo holds a lease that affords the tenant an option to purchase at some future date, at an agreed upon price. In this arrangement, the tenant pays (as in a net lease)the interest on the mortgage, taxes, all utilities, maintenance costs, etc... in exchange for a 50% share in the profits at the time of sale, which he can use at time of sale/purchase as his own downpayment on the property when title is conveyed. Anyone have any specific information? How the mechanics work (exactly) and what legal, and or tax questions does this pose for owner, and/or tenant?