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Step 1
Find a seller will to allow you to rent to own. Many sellers or owners of investment properties have never even thought of renting to own their properties. So if you find a place for sale or rent that you really like, make them the offer to do a rent to own contract. It may be a great option for many reasons, one is that renters that are buying will take much better care of the property.
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Step 2
Do some research. You need to know as a buyer if the mobile home and the land go together. In some states you cannot put a mobile home on your own land, it has to be in a mobile home park. You don't own the land in a park, there is a lease agreement. The most popular lease agreement in these states now are 99 year leases, so you know you won't be asked to take your mobile home off in a short amount of time. In other states where you may own the land, you will have a deed to your land but still have a title or titles to your mobile home. A single wide has one title and a double wide has two and so on. Titles are kept by loan companies until the loans are paid in full. As a buyer you will want to know the status of the titles. There could also be a mortgage on the land also that you will want to know about.
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Step 3
Decide what you will pay for the mobile home and who will pay for other considerations. You can set the rent to own up several different ways. First figure out what your rent payments and sale price will be. You can put down a down payment at the beginning or have part of the rent going toward your down payment. If you want any certifications or inspections, they should be done at the beginning of the lease and attached to the contract. Decide now who will pay for each certification and inspection so there will be no surprises later.
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Step 4
Determine what type of rent to won contract you want. You can rent for a year and then buy or set it up for as many years as you need and both can agree on. You can do this by signing a contract with a definite purchase date and attaching a lease to it, or writing an addendum to the contract spelling out the lease. If, as a buyer, you aren't sure you would want to buy at the end of your lease, but want the opportunity, you can do an option contract. This just gives you the right to go ahead with a contract if you decide you want to. There does have to be consideration for the option. Consideration is usually a monetary amount that you do not get back if you choose not to go ahead with the purchase. Take notes and write down everything you and the seller have agreed upon.
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Step 5
Have a real estate attorney draw up your contract. Take all of your notes outlining every point you have considered and have the attorney draw it up into a contract. If the property is listed with a realtor, the realtor can also draw up the contract and have everyone sign it. You should still have an attorney review your contract as rent to own or lease purchases are not as common as sales of homes and you don't want anything to be missed.
