I recently lease optioned a home to a contractor.  I negotiated a short sale with the lender and was trying to wholesale the home but ran out of time.  The lender would not give me an extension so I decided to purchase the house for $7k including closing costs, etc ( $100+k owed on mortgage).  The original owner who was in foreclosure found me a buyer 2 days after closing.  The catch was the buyer wanted to buy the property but didnt have the funds.  I lease optioned the home to him for $8k down, and a purchase price of $25k for a 1 year term.   The house was a complete rehab which the tenant in the past 2 month has done extensive renovations making the home worth about $80k.  By using this exit strategy, it enabled the tenant/buyer to qualify for financing (low LTV) and gave me the security of worse case scenario, evicting the tenant and owning a home worth $60k more than the previous value.   This option worked well for me considering I live 4 states away.  I am working on more deals like this and working on using the same exit strategy. 

HAPPY INVESTING!!