Unfortunately, there are a lot of RTO scams that any potential buyers have to watch out for. If something sounds too good to be true, it usually is. If you don't' trust the seller, or if they're asking for a lot of money upfront, leave it. There are legitimate RTO options available. You don't have to take the first one that comes along. Ensure you read the fine print and have a Realtor and/or a real estate lawyer verify the contract is fair. Many deals are fair - particularly those offered by local nonprofits like SHOP - but dishonest companies who do not disclose major issues can destroy people's lives:

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You also want to be sure your landlord is on solid financial ground before closing a rent-to-own deal. If he or she falls behind on the mortgage or loses the house for some other reason while you’re renting, you probably also lose the option to buy and all of the money you’ve put toward the purchase price. To help protect yourself, do a title search before signing anything so that you can make sure the property is actually your landlord’s to sell.
This is your safest option, and likely the one most financial experts will recommend. If you’re truly committed to saving up and building your credit, there may be little reason to jump the gun with a rent-to-own deal. After all, if you can afford the option fee and higher rent that these deals require, then put all that money you saved in a high-yield savings account or money market account. Continue to add to it by finding a place with lower rent, and give yourself the freedom to obtain a mortgage the regular way in the future.

“You will need to ask the attorney about specific state and local laws, including usury limits,” he said. “Also, to avoid payment disputes and have a third-party document your payment history, use an escrow service to handle all payments including making the taxes and insurance. Escrow companies will also hold the documents related to the transaction.”
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A rent-to-own agreement can be an excellent option if you’re an aspiring homeowner but aren’t quite ready, financially speaking. These agreements give you the chance to get your finances in order, improve your credit score and save money for a down payment while “locking in” the house you’d like to own. If the option money and/or a percentage of the rent goes toward the purchase price – which they often do – you also get to build some equity.
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Think of it just like renting, except there is an additional non-refundable deposit and the rent is higher than normal. As long as you go through with the purchase, the non-refundable deposit and a portion of your rent is applied toward the purchase. If you don’t go through with the purchase for any reason, the non-refundable deposit and the extra high rent is gone. You will probably also be responsible for all maintenance. Make sure that when the option comes due, you will be able to qualify for the loan. If market value dips while you’re renting, it might mean that the appraisal comes in low, requiring that you pay the difference in cash or walk away from the additional monies you’ve paid. In fact, since you’re in Las Vegas, you might want to think of it more like gambling!

The premium typically costs 1% of your loan balance per year. And once you’ve committed to paying PMI, you’ll usually have to keep paying it for at least two years. On a $200,000 mortgage, PMI will cost you $2,000 a year on top of your mortgage payment, insurance and taxes. Because a Rent to Own agreement gives you extra time to save for your down payment, you may be able to skip paying PMI altogether.
Think of it just like renting, except there is an additional non-refundable deposit and the rent is higher than normal. As long as you go through with the purchase, the non-refundable deposit and a portion of your rent is applied toward the purchase. If you don’t go through with the purchase for any reason, the non-refundable deposit and the extra high rent is gone. You will probably also be responsible for all maintenance. Make sure that when the option comes due, you will be able to qualify for the loan. If market value dips while you’re renting, it might mean that the appraisal comes in low, requiring that you pay the difference in cash or walk away from the additional monies you’ve paid. In fact, since you’re in Las Vegas, you might want to think of it more like gambling!
Option Consideration. With these types of contracts, the potential buyer may have to pay the seller a one-time deposit. This deposit is called an option consideration or option money, and it usually isn't refundable. This deposit gives the potential buyer a right to purchase the property, and not an obligation. The size of the option consideration isn't set, and it can be negotiated by the buyer and seller. Traditionally, it is between 2% and 7.5% with 3% being a popular option of the purchase price. You may also negotiate to have the consideration price onto the purchase price when you close the deal and buy the property.
“You will need to ask the attorney about specific state and local laws, including usury limits,” he said. “Also, to avoid payment disputes and have a third-party document your payment history, use an escrow service to handle all payments including making the taxes and insurance. Escrow companies will also hold the documents related to the transaction.”
The higher your credit score, the lower your interest rate may be. That’s because a borrower with a very high credit score is less of a risk for a lender. If by waiting to purchase you can improve your credit from fair to good or good to excellent, you could save thousands, even hundreds of thousands, of dollars over the life of a 30-year mortgage by qualifying for a lower interest rate.
While rent-to-own agreements have traditionally been geared toward people who can’t qualify for conforming loans, there’s a second group of candidates who have been largely overlooked by the rent-to-own industry: people who can’t get mortgages in pricey, non-conforming loan markets. “In high-cost urban real estate markets, where jumbo [nonconforming] loans are the standard, there is a large demand for a better solution for financially viable, credit-worthy people who can’t get or don’t want a mortgage yet,” says Marjorie Scholtz, founder and CEO of Verbhouse, a San Francisco–based start-up that’s redefining the rent-to-own market.

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Read your contract closely and be sure you can handle the terms. The rent-to-own real estate contract should include the home price, the cost of rent, and the deadline for you to exercise your option to buy. It should specify what portion of the rent payment is credited toward the home purchase—or if you need to write two checks each month, for the rent and for the home payment—and under what circumstances the contract can be voided.
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However, for some owners, a rent-to-own contract can be a great option. This tends to be the case when an owner is relocating from a cool market and wants to buy in a new market, but they cannot afford to carry two mortgages at once. Renting the home they’re trying to sell will help to offset their debt-to-income ratio and make it more likely that the sellers will qualify for a mortgage on a new home once they relocate.
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The lease option gives you dibs to purchase the home you’re renting, typically valid for a term equal to the lease term set forth in your rental agreement. So if the rental agreement specified a three-year lease term, the lease option will usually give you three years to buy the house without worrying about anyone else swooping in and snatching it out from under you.

There are a lot of homeowners associations, otherwise known as HOAs, in Las Vegas. The advantage to living in a community governed by an HOA is that you won’t have to worry about neighbors that don’t take care of their property or disturbances that could disrupt the quality of life you want to enjoy. The downside is that you have to follow the rules just like everyone else, and that could mean restrictions on how you decorate the exterior of your home or your ability to operate a daycare or other business from your house. Before you start looking at homes in this city, you should determine your stance on this issue because there are a lot of HOAs in operation here.
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