Las Vegas Loan Modification

When our lease is up at our current property, my husband & I are thinking about moving into a "rent/lease to own" property here in Las Vegas…we don’t have good credit & have heard that this is the best way for us to "eventually" own our own home…I was wondering if anyone else out there has every done this rent/lease to own thing. I don’t want to get ripped off if it’s not a good deal, you know? There seem to be PLENTY of lease/rent to own homes available out here, but I’m wondering if it’s a legit deal or a rip off. How long do you have to "rent" before you own the property? How much is the typical downpayment before you can actually move in? Is it like a typical rental agreement, where if something breaks during the lease term they fix it or is it like a mortgage..you break, you fix? what happens if at the end of the lease term you decide that you need more space or just don’t like the place anymore? do you get your "rent credit" back? or lose it like you would with rent? Any help would be great…especially if you could give us a website to visit or a property management company that handles this type of thing so we could talk to a real person instead of just doing computer research. We’re not in a rush as our current lease isn’t up until April 30,2010…we would just like as much information on this subject as possible so as to make an educated decision. our other option is just to rent again…but we’d really like to look into rent/lease to own…
I’ve read that when you do this type of "rental deal" , at the end of your lease term you "buy back" the house…I’m wondering what exactly this means. Is this where you go & have to get your actual financing from a bank? I’m confused on all the lingo I’ve been reading. help me!

Every rent/lease to own deal is different and you work it out with the seller.This is a completely legal deal and is much more common when people are having trouble selling their homes.
The reason it would be good for you is
1) if you expect the property values to go up in your area and you can lock in the price now,
and 2) all or part of your rent is applied towards the down payment.

If your credit is not too good, it also might be just as well for you to continue renting for another year or so, pay off bills and improve your credit score while you save up.
If you want more information, I suggest you work with a real estate agent who is an experienced buyers agent. They would be able to advise you and negotiate a good lease option.
Do your research and take your time because you should be able to find a good deal in your area.